SAN FRANCISCO-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that while sources involved could not disclose a sales price, an unidentified industry source tells us that TMG Partners and Fortress paid around $154 million for Cisco's eight building complex in San Jose, CA. The eight office/R&D buildings are currently occupied by Cisco and totaling approximately 810,600 square feet on Tasman Drive.
Cisco, which will be leasing back the entire eight–building campus at closing, will vacate the property incrementally over time starting in January 2014 to accommodate a complete renovation of the buildings. Improvements will include extensive landscaping and exterior façade modifications, new site monuments and signage, parking lot and common area upgrades, including new seating and outdoor meeting areas.
In addition, updating of the interior common areas and building systems will be undertaken. The remodeled buildings will appeal to large tenants looking for contiguous space in a campus environment or a tenant seeking one, two or three buildings—with the added option to phase into a larger campus over several years.
According to TMG Partners chairman and CEO, Michael Covarrubias, “there is an ongoing demand for large, contiguous blocks of well-located high quality space in Silicon Valley.” He adds that “Prospective new tenants will enjoy significant renovations, both to interior and exterior street presence.”
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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.
