SAN RAMON, CA-New York Life Real Estate Investors, on behalf of institutional investors, has recently acquired two properties here—Norris Tech Center, and Canyon Commons Corporate Plaza.

Norris Tech Center is a 193,510 square foot office / R&D project. The acquisition was concluded as a joint venture with Cannae Partners of San Francisco. Located in the Bishop Ranch area of San Ramon, Norris Tech Center was originally constructed in 1984 and consists of two buildings: a single story, 96,575 square foot single-story R&D Flex building; and a two-story 96,975 square foot office building. The combined buildings are currently 55% leased to four different tenants.

The property benefits from proximity to an abundance of retail amenities, having a location within a premier business park, an abundance of surrounding mature landscaping and immediate access to neighboring I-680 freeway and other transportation options. Considerable amounts will be expended in updating the appearance and operation of each building, making them more consistent with surrounding properties. These efforts are expected to be rewarded by improving market conditions which currently include a 5.3 percent vacancy rate in San Ramon.