SAN JOSE, CA—Ridge Capital Investors, LLC and Contrarian Capital Management, LLC have acquired 3001 Orchard Parkway, in San Jose, California for $13.5 million. The 97,840-square-foot, multi-story property is centrally located within Silicon Valley's Golden Triangle, just off North First Street, and has consistently served as a headquarters building since its original development.

The building, which was most recently occupied by Fairchild Semiconductor, is currently vacant and will undergo a transformative, multimillion dollar interior and exterior renovation over the next eight months. “Upon completion, 3001 Orchard Parkway will offer a very high quality working environment for a full-building tenant that is seeking a headquarters presence in one of Silicon Valley's best locations,” said Trevor Wilson, managing director of Ridge Capital Investors. The planned renovations will augment the leasing flexibility of the property in an environment that favors buildings such as 3001 Orchard that can offer large contiguous blocks of high quality space.

The acquisition fits well within the venture's strategy of investing in core locations with strong employment fundamentals. The Silicon Valley market ranks amongst the most desirable office and R&D locations in the country due to its diverse economy and healthy technology base. The Company plans to capitalize on these market trends via an attractive investment basis that will allow the building to be marketed at a highly competitive lease rate.