DES MOINES, Iowa--(BUSINESS WIRE)--Principal Real Estate Investors, one of the largest institutional real estate managers in the United States, broke ground at Sunnyvale Business Park last week in Sunnyvale, Calif.
Construction of the Class A office building will take roughly seven months to reach shell completion. The three-story, 107,000 square foot property will become the 10th building in the Sunnyvale Business Park, which is located at Mathilda and Evelyn Avenues. The project, which is being built speculative, is located within one block of the Sunnyvale Caltrain station and downtown Sunnyvale amenities.
“Sunnyvale Business Park is a proven location for high quality companies. The park is in an ideal setting, with close proximity to the Caltrain station, downtown Sunnyvale, and main thoroughfares. The new 107,000-square-foot building will be a great addition to the existing 520,000-square-foot park,” said Jeff Uittenbogaard, senior asset manager at Principal Real Estate Investors.
The building will feature a steel frame and concrete wall panels. It will be built according to specifications necessary to achieve Leadership in Energy and Environmental Design (LEED) Gold certification. Legacy Partners is providing development services and serves as the park’s property manager. Dave Sandlin, Susan Gregory, and Kevin Moul with Colliers are the listing agents. Ware Malcomb is project architect and the general contractor is Lusardi Construction.
About Principal Real Estate Investors
Principal Real Estate
Investors manages or subadvises $44.8 billion in commercial real estate
assets. The firm’s real estate capabilities include both public and
private equity and debt investment alternatives. Principal Real Estate
Investors is the dedicated real estate group of Principal Global
Investors, a diversified asset management organization and a member of
the Principal Financial Group®.
About Principal Global Investors
Principal Global Investors
is a diversified asset management organization and a member of the
Principal Financial Group®, with expertise in equities, fixed
income and real estate investments, as well as specialized overlay and
advisory services. Principal Global Investors manages $281.5 billion in
assets1 primarily for retirement plans and other
institutional clients2.
1 As of Dec. 31, 2012.
2 Principal Global
Investors is the asset management arm of the Principal Financial Group®
(The Principal®) and includes the asset management operations
of the following subsidiaries of The Principal: Principal Global
Investors, LLC; Principal Real Estate Investors, LLC; Spectrum Asset
Management, Inc.; Post Advisory Group, LLC; Columbus Circle Investors;
Edge Asset Management, Inc.; Morley Financial Services Inc.; Finisterre
Capital, LLP; Origin Asset Management, LLP; Principal Global Investors
(Europe) Limited; Principal Global Investors (Singapore) Ltd.; Principal
Global Investors (Australia) Ltd.; Principal Global Investors (Japan)
Ltd.; Principal Global Investors (Hong Kong) Ltd.; CIMB-Principal
Islamic Asset Management Sdn. Bhd.; and the majority owned affiliates of
Principal International, Inc. Assets under management includes assets
managed by investment professionals of Principal Global Investors under
dual employee arrangements with other subsidiaries of The Principal.