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CBRE Global Investors Acquires Another Silicon Valley Office Campus

Buildings Totaling 940,564 SF Purchased by CBRE Global on Behalf of Institutional Clients
October 6, 2017
CBRE Global Investors, capitalizing on the continuing tech-driven demand boom in the Silicon Valley, has acquired a newly constructed four-building office campus in Santa Clara, CA on behalf of a joint venture between Korea Post and another client.

The LEED Silver-certified property at 3000-3200 Tannery Way, which serves as the headquarters for network security firm Palo Alto Networks, sold to the national postal service for South Korea for a reported $610 million, according to media reports.

The campus comprises the third phase of the Campus @ 3333 office park. In June, CBRE Global Investors acquired the second phase of the project, a 250,000-square foot building at 3333 Scott Blvd. leased to Hewlett Packard, on behalf of an undisclosed client said to be CalSTRS for $162.5 million.

The third phase of the campus includes a 30,485-square-foot building a cafeteria, conference center, outdoor amphitheater and other dining, common and meeting spaces.

Gardner W. Ellner, CBRE Global senior director of commercial acquisitions for the Americas, said technology tenant demand has caused vacancy rates to decline dramatically to the lowest levels in the market since 2000.

"Tenants are actively moving to submarkets such as Santa Clara because it is among the few remaining markets with large blocks of high-quality functional office space in close proximity to housing, and a strong amenity base," Ellner said.
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