RREEF Acquires 190,000-SF Office Building

Fulfilling a pledge made at the outset of the development process, the Davis Cos. has sold its 500 Unicorn Park Dr. office building to the RREEF Funds. The 190,000-sf property, which opened in July 1999, traded for $37.9 million.

RREEF, a REIT that owns the Unicorn Park complex, allowed Davis to build only if the firm was granted an option to buy the five-story structure upon its completion. After the building quickly leased up by the end of 1999, RREEF decided to exercise its option.

“It has always been our strategy to own all of the buildings at Unicorn Park,” says RREEF official Eric Berke. The park now features 600,000 sf in six buildings, and will be fully built out once a 168-room Marriott Hotel is constructed there next year.