Mixed-use developer TMG Partners and global investment manager Fortress Investment Group LLC have acquired eight office/R&D buildings totaling 810,000 square feet from networking equipment company Cisco.
Cisco Systems Inc., will lease back the campus but will vacate the property in increments starting in January 2014 to accommodate a complete renovation of the eight buildings at 110 through 250 West Tasman Drive, according to a release by the joint venture of TMG and Fortress..
TMG Partners Chairman and CEO Michael Covarrubias said there's an ongoing demand for large, contiguous blocks of well-located space in Silicon Valley.
"Prospective new tenants will enjoy significant renovations, both to interior and exterior street presence," Covarrubias said.
Improvements will include extensive landscaping and exterior façade upgrades, new signage, parking lot and common area upgrades and building systems will be undertaken.
The remodeled buildings will target large tenants looking for contiguous space in a campus environment, or a tenant seeking one or more of the buildings with the added option to phase into a larger campus over several years.
TMG has developed more than 23 million square feet of property throughout the San Francisco Bay Area and is one of the most active developers in the area.
Please see CoStar COMPs #2839528 for more information on this transaction.