The building addresses are 1184, 1194, and 1220 N. Mathilda Ave. The complex is located near the confluence of US Highway 101 and State Highway 237. Previously known as Mathilda Business Center, the complex is 100% occupied by publicly held Juniper Networks under three leases that have 3% annual bumps and expire in 2012, 2013 and 2014.
The $615-per-sf purchase price equates to a year-one capitalization rate of 6.5%. There were multiple bidders at or above the $600-per-sf mark, according to the source, who says the site could potentially hold another 150,000 sf of office space.
Neither Tishman Speyer nor GA Asset Management could be reached on Monday for comment. The listing brokers were reportedly Michael Leggett, Gerry Rohm, Rita Meehan and Phil Mahoney of Cornish & Carey, the same brokers who handled the sale to Tishman in April 2005. They could not be reached Monday for comment.
Juniper Networks is a designer and marketer of Internet Protocol routers. Tishman Speyer acquired Mathilda Business Center from the California State Teachers Retirement System. Investing through ING Clarion, CalSTRS reportedly held the asset for less than a year and turned a profit of between $40 million and $50 million.
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