Britannia R&D Park Picked Up for $38 PSF
September 29, 2009
Asilomar has picked up the 195,000 square feet R&D park in Fremont (49000-49090 Milmont Drive) formerly known as Britannia R&D Center. UBS sold the property to Asilomar for roughly $7.5M. The park is now known as Dixon Landing Research Park. UBS had been marketing the asset for quite some time. They had been seeking to [...]
Read More >>RREEF Portfolio Under Distress
July 28, 2009
RREEF was an aggressive acquirer of Silicon Valley real estate over the past several years. The acquisition spree began in earnest when RREEF acquired a large tract of R&D buildings in Silicon Valley from Equity Office. Following up that was the massive acquisition of the Peery/Arrillaga portfolio in 2006. The portfolio consisted of some 5M [...]
Read More >>Spear Street Picks Up Murphy Ranch Tech Park
June 10, 2009
Spear Street Capital closed escrow on May 27 on Murphy Ranch Technology Park in Milpitas. The 363,000 SF business park is fully leased and home to the headquarters of Phoenix Technologies and Intersil, as well as Avaya. The buildings are two-story steel frame. Late last year, Avaya decided to shed the ~140,000 SF it occupies [...]
Read More >>Equastone Drops 1331 California Circle
May 22, 2009
Equastone has short saled 1331 California Circle in Milpitas. The lender approved the sale at a rumoured $50 psf. Equastone acquired the building for $100 psf in July of 2007 from South Bay Development. Equastone is facing trouble around the country. I discussed the distress at Equastone back in March.
Read More >>GM, Chrysler To Slash Dealers By 2,000
May 14, 2009
GM and Chrysler are reportedly expected to begin sending out notifications to 3,000 of their dealerships they intend to close. The number breaks down to about 1,000 for GM and 800 for Chrysler. For Chrysler, that represents about 25% of its dealerships. Dealerships tend to employ a good number of people, probably an average of [...]
Read More >>KLA-Tencor Announces Layoffs; 10% of Workforce
March 30, 2009
Milpitas-based KLA-Tencor (KLAC: 30.35 +1.95%) announced today that it is laying off 10% of its workforce, or about 600 employees. The company currently owns or leases over a million square feet of facilities in Milpitas, San Jose, and Santa Clara, with a majority of that owned. In addition to the job cuts, the company also [...]
Read More >>Distress at Equastone LLC; Trouble in Milpitas, San Antonio, and Georgia
March 7, 2009
Over the past several years Equastone LLC was an aggressive buyer of office and industrial real estate. They have limited assets in the Bay Area, but two of their three real estate funds hold real estate which was acquired in large part during late 2006 to 2007. Their assets are concentrated in large part in [...]
Read More >>30% of iStar Financial’s Loans are Non-Performing
February 28, 2009
iStar Financial (SFI: 3.94 +2.60%), a commercial mortgage REIT that had been an active player of the past few years, is in dire straits with an some 23-30% of its loan portfolio not performing. The company acquired the assets of Fremont Investment & Loan, a notorious lender on highly speculative condo and housing projects. I’ve [...]
Read More >>Yahoo!, Silicon Storage, Marvell, Opvista Layoffs
February 13, 2009
Layoffs continue in Silicon Valley, and the sentiment amongst valley leaders is that the pace will likely accelerate. In fact, according to a Bay Area Council study which was just released in the past few days, 39% of respondent executives in Santa Clara county indicated job cuts were coming while only 11% anticipated hiring. WARN [...]
Read More >>Avaya Brings Online 140,000 Square Feet of R&D and Office Space For Sublease in Milpitas
December 11, 2008
Avaya has put up for sublease approximately 140,000 square feet of office and R&D space in Milpitas. The 140,000 square feet is spread across two buildings, is Plug N’ Play with furniture, and has an asking rent of $1.25 NNN. The sublease runs through March 2012. The buildings are directly across from Cisco’s 410,000 square [...]
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