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Murphy Ranch Office Park Changes Hands

MILPITAS, CA-Locally based Spear Street Capital acquires the five-building, 363,237-square-foot office complex from Prudential Real Estate Investors.

By Brian K. Miller | Updated on June 08, 2009

MILPITAS, CA-A five-building, 363,237-square-foot office complex here has changed hands. Built in 1994, Murphy Ranch is now owned by locally based Spear Street Capital, which invests in office buildings primarily leased to technology tenants. The seller was Prudential Real Estate Investors, the real estate investment management business of Prudential Financial.

The two-story, steel-frame buildings are bordered by McCarthy Boulevard, a creek and a light rail line. The property is 100% leased to three tenants, Avaya Inc., Intersil and Phoenix Technologies, though at least one of them is looking to sublease. Campus amenities include covered interconnected walkways, a full-service cafeteria, common area showers, sports courts and jogging and biking trails.

While the sale price is not being released by the investors and brokers involved in the transaction one local source tells GlobeSt.com that comparable properties are trading for approximately $150 per square foot. PREI paid approximately $199 per square foot ($70 million) for the property in 2004, when it was 96% leased.

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