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Sale Wraps Up After Fund Acquires Two Tech Assets

SAN JOSE—After just two years, New York Life stabilizes an investment at 100% and concludes the disposition at a price 60% greater than the fund's acquisition basis.

By Lisa Brown | lisabrown | | Updated on February 16, 2016
Concourse Tech Center Occupancy was quickly stabilized at 100% after the completion of a number of capital improvements.
SAN JOSE—Situated within the International Business Park area, which provides more than 11 million square feet of R&D, light industrial, laboratory and other business properties, Concourse Technology Center was acquired in late 2013. The acquisition was made on behalf of the McMorgan Northern California value add/development fund. The fund is co-managed by McMorgan & Co. and NYL Investors , a subsidiary of New York Life Insurance Company . Occupancy was quickly stabilized at the 110,148-square-foot R&D/office property at the rate of 100%  after the completion of a number of capital improvements. The recent sale of Concourse Technology Center represents the first concluded investment for the McMorgan Northern California value add/development fund. The disposition occurred at an undisclosed price, approximately 60% greater than the fund’s acquisition basis, after the fund owned the asset for a little more than two years, says New York Life Real Estate Investors . Ross Berry , senior director at New York Life Real Estate Investors, tells GlobeSt.com: “We are pleased to have concluded the first investment of our new real estate fund initiated less than three years ago. The fund continues to pursue both new value-add investments, such as Concourse Technology, as well as ground-up development opportunities throughout Northern California.  We are grateful for the quality performance of many on this transaction including our leasing and sales agents.” In 2015, the fund also acquired two other San Jose office properties, Ridder Park Technology Center and 2665 North First St. “Quality execution on many fronts resulted in the sale of Concourse Technology Center,” said Berry.  

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