WESTCORE PROPERTIES ACQUIRES SILICON VALLEY OFFICE BUILDING AND DATA CENTER FOR $52.7 MILLION
SUNNYVALE, Calif. – Jan. 15, 2015 – With commercial office space continuing to be in great demand in Silicon Valley, Westcore Properties has acquired a 165,497-square-foot property in Sunnyvale, California for $52.7 million from WTA Kifer, LLC. The property includes a three-story office building and single-story data center.
Located at 1390 & 1400 Kifer Road, the property was built in 1999. Westcore Properties plans to do a major renovation on the currently vacant office building, which will include a new outdoor tenant amenity area, landscaping, lobby and interior finishes. Qwest, a telecommunications company, occupies the data center. Both the office building and data center are less than one mile away from CalTrain and also have easy access to the 101 Freeway.
“With this purchase, we increase the amount of commercial space we own in the Bay Area/Silicon Valley to 3.5 million square feet,” said Marc Brutten, Westcore Properties’ chairman and founder. “Our latest acquisition is well-suited for growth. We will be undertaking a major renovation of the office complex, which will help us to attract strong tenants. We anticipate meaningful demand for space throughout the property once it is completed in the middle of this year.”
Joe Moriarty, executive vice president with CBRE represented Westcore and WTA Kifer, LLC in the transaction. CBRE co-marketed the sale of the building with DTZ on behalf of WTA Kifer, LLC. The CBRE team also included Russell Ingrum, vice chairman/managing director; Sean Sullivan, executive vice president; Tyler Meyerdirk, vice president; and Brad Zampa, executive vice president. DTZ was represented by Steve Horton and Kelly Yoder.