Mathilda Place in Sunnyvale Sold

Mozart Development has sold Mathilda Place to JP Morgan  Asset Management. The sales price is reported to be $270 million dollars ($575 psf) and represents a 4.5% cap rate.

The property is a three-building, 472,500 SF office campus sitting on 2.25 acres in the Sunnyvale Town Center. The project was constructed in 2002 and includes 4-levels of underground parking. Tenants include Broadcom, Seagate, and Impac Medical, in addition to a smaller set of tenants which occupy some floors which were converted to multi-tenant floors around 2005. Large portions of the project remained vacant for a few years after construction as the market began its slide in 2001-2002. JP Morgan likely will look to bump rents significantly on the smaller multi-tenant spaces which were leased from 2004-2006 to improve cash flow and bump up the going-in yield.

It is not evident what will happen to the Broadcom space as they will likely be departing Mathilda Place for a TBD corporate campus, likely to be located somewhere within the Golden Triangle.

Similar Posts:

• Blue Coat Systems Signs 233K Square Feet Lease in Sunnyvale
• Speculative Building in San Francisco Returns in a Big Way
• Amazing Sunnyvale - TMG and Principal Moving Forward to Bring Another 100K SF of Office Online
• Signs of Life at Moffett Towers in Sunnyvale
• Shorenstein Picks Up Piece of Moffett Towers Debt

Leave a comment