LOS GATOS, CA—WealthCap has acquired two newly constructed class-A buildings, representing its second investment in Silicon Valley within the last 12 months. The office campus is located at 121 and 131 Albright Way at the intersection of Route 85 and Winchester Blvd. in a high-barriers-to-entry submarket. The two low-rise, steel-framed office buildings comprise a total of 260,979 square feet and are both 100% net leased to Netflix Inc. for its future global headquarters.
Peter DiCorpo, president of CBRE Global Investors' US managed accounts group, tells Globest.com: “Silicon Valley is a dynamic market and this transaction enables us to help WealthCap further pursue their 'innovation district strategy' targeting properties in US growth centers. With real estate experts around the globe, including on-the-ground experts in a client's target investment markets, as well as in their home country who can facilitate communications, we are well-positioned to help clients like WealthCap migrate capital across borders in a seamless solution.”
This investment is part of a separate account mandate in which CBRE Global Investors is advising the German-based real assets investment leader on US commercial real estate investments. It also includes an interest in the surrounding 15-acre campus, including 664 surface parking spaces and shared use of a 930-space structured parking garage.
“The property is a strategic fit that is consistent with WealthCap's targeted net return, product type and geographical acquisition criteria,” said DiCorpo.
The buildings feature large floor plates, central core design for elevators and bathrooms, 11-foot finished ceilings, two-story atrium lobbies, floor-to-ceiling window lines, a reception area with indoor/outdoor space for hosting events, a viewing auditorium for Netflix premieres, kitchenettes and perimeter conference rooms on each floor and solar panels on the roof. The buildings meet most Silicon Valley tenant requirements, designed to achieve LEED Silver certification, and constructed with three-inch raised flooring and carpet tiles to hide electrical cables while maintaining the ability to change the layout. In addition, electric car charging stations have been installed near the building and more than 7,000 square feet of outdoor patios provide panoramic mountain views.
Mahmoud Hawari, president of WealthCap Investments Inc., said, “This is a rare, newly constructed building in a supply-constrained market that fits very nicely with our strategy to invest in US Innovation Districts. This is a market where people and businesses want to be to enjoy a wide variety of benefits, which you can see by the dynamic growth in this market over the last few years.”
As previously reported, funding for the development project was a joint venture arranged by CBRE.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
