SANTA CLARA, CA-GlobeSt.com exclusively learns that Synaptics Inc. has sold 3120 Scott Blvd. and will lease back the building on a short term basis before expanding to its new headquarters. The buyer of the off-market acquisition was Orchard Partners, an owner and operator of office, R&D and industrial assets, and a real estate investment fund managed and advised by affiliates of Apollo Global Real Estate Management LP.
While sources involved couldn't confirm pricing to GlobeSt.com at this time, an unidentified industry source tells GlobeSt.com that it traded for approximately $13 million.
Orchard and Apollo plan an extensive, “market ready” improvement program that will start when the building becomes vacant in early summer. The proposed work includes a new, three story lobby, creation of modern, open floor plans on each floor, extensive re-landscaping and construction of an outdoor amenity area for employees.
The three-story, steel frame building features a continuous glass line with a striking architectural profile, according to a prepared statement. The property, which offers both underground and surface parking, is situated near the intersection of Highway 101 and San Tomas Expressway, providing “convenient access from all parts of Silicon Valley.”
According to Mike Biggar, managing partner of Orchard Partners, “The profile of this transaction fits our value-add investment strategy perfectly. We see an excellent opportunity to reposition a basically sound building to become a headquarters-quality facility in a very strong market segment.”
The Santa Clara market continues to be a top location for Silicon Valley technology companies, with recent and planned growth by companies such as NVIDIA, Palo Alto Networks and Service Now, all within close proximity to 3120 Scott. Other companies in the neighborhood include Intel, EMC, Huawei and Applied Materials.
"We are pleased to acquire another off-market asset in a market that we know extremely well,” Biggar adds. “Going forward, we will continue to target value-add office/R&D assets in the Bay Area as well as stabilized, high quality industrial properties throughout the country.”
The buyer and seller in the transaction were represented by Jim Maggi, Dave Vanoncini, and Jimmy Cacho of Kidder Mathews. The leasing assignment also will be handled by the Kidder Mathews team, as well as Christian Marent and Rob Shannon of CBRE.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
