"The Park is an attractive office and R&D asset in a stable area of the South Bay," says Cia Buckley, JER's senior managing director for North American investments. "We recognize both the opportunity to add value to the property, as well as to enjoy the demand for this type of space as the region continues to improve."

JER Partners is the private equity investment arm of J.E. Robert Cos., a real estate investment management company. TMG Partners is a full service real estate development and management company.

A lot of Silicon Valley R&D space has been changing hands lately. Earlier this month, FirstCal, the $950-million joint venture of publicly held First Industrial Realty Trust of Chicago and the California State Teachers Retirement System, acquired 737,000 sf of R&D space in 11 buildings in four developments in the Santa Clara County cities of San Jose, Sunnyvale and Milpitas. The purchase price for the 75% leased portfolio was $85.5 million or $116 per sf, according to local industry sources.

In August, Burlingame-based Four Corners Properties LLC acquired a 301,593-sf office/R&D portfolio in Santa Clara and Sunnyvale from Equity Office Properties. The buildings are approximately 50% leased. The acquisition price was not available. In July, EOP sold a 301,593-sf 14-building office/R&D portfolio in Santa Clara and Sunnyvale to Westcore Properties. The buildings were 85% leased. The sale price was $144 per sf.

In April, Westcore acquired a 23-building, 613,358-sf R&D, light industrial and office portfolio in the cities of San Jose, Santa Clara, Sunnyvale and Fremont. The portfolio was 98% leased. The sale price was $78.6 million or $128 per sf.