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Carlyle Group Pays $98M for 377,000 SF

SAN JOSE, CA-The two-building campus here was built in 2001 by Cisco Systems. The sole tenant, IBM Corp., leases 125,000 sf.

By Brian K. Miller | Updated on July 25, 2007

SAN JOSE, CA- The Carlyle Group has acquired a pair of three-story class A office buildings here totaling 377,000 sf. The Newport Beach, CA-based private equity firm revealed the transaction earlier this month but declined to release the sale price. According to sources, the purchase price was approximately $98 million or $260 per sf.

Located at the corner of North First Street and Highway 237, the buildings were built by Cisco Systems in 2001-2002 but never occupied by the company. In October 2005, IBM signed a 12-year lease for 125,000 sf in one of buildings.

The seller, a joint venture of Divco West’s Page Mill Property Fund and California State Teachers Retirement System, acquired the two 188,000-sf buildings along with an adjacent 78,000-sf building at the beginning of 2005 for $52 million or $114.50 per sf.

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