The 91% occupied property fronts Westinghouse Drive and Fourier Avenue, which are south of Mission Boulevard and one block west of Warm Springs Boulevard between Interstates 680 and 880. Five of the six buildings were built in the early 1980s, two of which were remodeled in the late 1990s. The other building was built in 1996.
The largest tenant is Nitinol Development Corp., a division of Johnson & Johnson that occupied about half of the space in the complex. Centillium Communications Inc. is also a tenant.
CPS/Corfac International of Santa Clara, represented both buyer and seller. The brokers were Joe Moriarty, Eric Fox, Greg Davies, Steve Pace, Sherman Chan, Amanda Smoot and Tyler Kemp.
The Silicon Valley R&D commercial space has rebounded the past two years and the investment market has been particularly strong, according to CPS data. Investors spent more than $3 billion on Valley commercial real estate in 2006; that translates to 17.5 million sf in 81 properties.
During 2004 and 2005, the Valley experienced about six million sf of net absorption after three years of negative net absorption, according to CPS. In addition, rents have stabilized and increased slightly. Average rents for R&D space were $0.98 per square foot per month at the end of 2005 compared with $0.88 at the close of 2004, according to CPS research.
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