SUNNYVALE, CA-SK Telecom Americas Inc., a leading telecommunications company based in South Korea, has relocated and expanded in the San Francisco area. The company plans to move this month from its current location, 150 Mathilda Place in Sunnyvale, CA.
The firm took 34,697 square feet at 310 DeGuigne Dr. in Sunnyvale, CA. According to Fletcher Baker of Cresa San Jose, which represented the firm in the move, the newly renovated property is “well-suited for the innovative and high-quality office modifications that SK Telecom's expanding operations require.”
At its previous property, it occupied 14,500 square feet. The firm says that the doubled space is to “accommodate its growth” for office and innovation center needs.
Arques Business Park, which includes two single-story buildings at 929 E. Arques Ave. and 310 DeGuigne Dr., where SK Telecom is taking space, recently sold from Menlo Equities to Claion Partners on behalf of a comingled fund.
CBRE's Joseph Moriarty, Russell Ingrum, Sean Sullivan, Tyler Meyerdirk, Brad Zampa, Joe Kelly and Mike Benevento represented the seller in the transaction.
Built in 1990, the office/R&D buildings are among the newest in the market. All are located in a campus-like setting which includes landscaping and a private patio between the two buildings.
“Investors were attracted to this property because it offered the opportunity to acquire two high quality well located buildings that were 100% leased to high quality tenants,” says Moriarty. “Sunnyvale is one of the strongest submarkets in Silicon Valley with single digit vacancy rates and rising lease rates. The continued strong demand coupled with the tightening supply of R&D product will support strong performance and future rent growth.”
The Silicon Valley R&D market has had three years of strong tenant demand, with technology tenants attracted to Sunnyvale due to its central location, its proximity to multiple highways, and its proximity to housing, Moriarty adds.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.