$44M Buys 165,390-SF Mountain Bay Plaza

MOUNTAIN VIEW, CA-The 165,390-sf Mountain Bay Plaza office building here had traded hands for a reported $44.4 million, or $269 per sf. KBS Realty Advisors of Newport Beach, CA acquired the property from Tishman Speyer on behalf of the Illinois Teachers Retirement Trust.

The 12-story office building is the tallest building Downtown and is adjacent to the Mountain View Performing Arts Center and City Hall. Built in 1970 and rehabbed in 2000, it was 87% leased at the time of sale. The two main tenants in the building, the general practice law firm Fenwick & West and Thoit’s Insurance, occupy about 60% of the building on long-term leases.

Michael Leggett and Richard Bland with CB Richard Ellis represented the seller in the transaction. Neither the buyer nor Leggett would reveal the sale price on the transaction, but local brokers familiar with the deal pegged the sale price at $44.4 million.