SAN FRANCISCO--(BUSINESS WIRE)--Rockwood Capital and Four Corners Properties announced today the acquisition of 215 Moffett Park Drive in Sunnyvale, CA from Applied Micro Circuits Corporation for $40.8 million.
The 155,000 square foot office property is centrally located with prominent signage along the CA-237 freeway. The Rockwood and Four Corners joint venture plans to reposition the property to create a Class “A” office complex. The two-story building, with 77,500 square foot floor plates and concrete ceilings and floors, can accommodate large tenants that increasingly want open floor plans for social and collaboration space. The property also boasts 17 foot high ceilings, an impressive 35 foot tall lobby, and expansion potential for tenants.
Jason Oberman, Director at Rockwood, said, “This property exemplifies Rockwood’s investment strategy of acquiring unique assets in evolving innovation centers. 215 Moffett Park Drive sits in the center of one of the most dynamic regions in the world and is surrounded by pioneering companies as well as the NASA Ames Research Center.”
Bruce Burkard, Founding Partner of Four Corners Properties, said, “We like how centrally located the property is, which allows companies to attract employees from a wide range of geographic areas. We are seeing a tremendous amount of tenant demand for high quality real estate and anticipate that repositioning the property into a Class “A” office complex will be well received.”
Rockwood and Four Corners’ recent noteworthy investments in the area include: 100 Mayfield, the 500,000 square foot office property that was transformed from the former Mayfield Mall (Mountain View); 410-430 N. Mary Avenue (Sunnyvale), a 350,000 square foot office campus; and 590 E. Middlefield, a 100,000 square foot office development.
About Rockwood Capital, LLC
Rockwood Capital, LLC is a real estate investment firm that provides equity capital combined with real estate expertise for repositioning, recapitalization, development and redevelopment of retail, hotel, residential, office and research and development space in key markets throughout the United States. Since 1990, Rockwood and its principals have invested on behalf of their clients approximately $15.4 billion of real estate through nine value-add vehicles and three separate accounts. Rockwood’s investors include public and private pension funds, endowments, foundations, insurance companies, fund of funds, high net worth individuals and family offices.
About Four Corners Properties
Four Corners Properties is a privately held, full service real estate investment and operating company with offices in San Francisco and Silicon Valley. The company focuses primarily on value-add, urban infill opportunities and development of commercial properties within Northern California. Since its inception in 2005, Four Corners Properties has completed the acquisition of 29 buildings totaling over 2.7 million square feet of office and R&D space, representing a total investment of approximately $600 million.