“The multi-tenant building with this floorplate size fills an appealing niche in Santa Clara,” Dougherty tells GlobeSt.com. “There are fewer medium space options in the area. A lot of that type of space has been demolished for the big boys.”

Eastdil Secured's San Jose team represented the seller in this transaction. Buchanan Street represented itself.

“Bayland is well positioned to benefit from its proximity to the stadium and from future mixed-use developments planned in the area, including Related Companies' planned hotel, retail and residential project,” Dougherty says. In fact that, and the proximity to light rail, was one of the decision drivers for the Buchanan Street acquisition.

“Related's walking/amenity project will create a second downtown, with Great America Parkway becoming the core piece of it,” Dougherty tells GlobeSt.com.

Related Companies is to build a reported $6.5 billion mixed-use center and office campus just north of Levi's Stadium, on land previously occupied by a 240-acre city golf course and dirt-bike track. With a total of 9.7 million square feet, it would include up to 5.7 million square feet of office, 1.1 million square feet of retail, 700 hotel rooms and up to 1,360 apartment units, along with a 35-acre park.

It is to be an urban center that features restaurants with locally sourced food, local and global retail brands, green space for bikers and pedestrians, and a variety of entertainment venues. The new downtown city center will boast multiple but distinct districts incorporated into one community through multiple pedestrian and bike-friendly paths.

The 239-acre mixed-use development will be separated into five parcels, each of which will be developed in phases. The largest parcel will house the city center and the majority of the residential, entertainment, retail and restaurant space. It is anticipated that construction of the first phase will commence in 2017 and be completed by 2020. Future phases consisting of office space, with a mix of retail, as well as food and beverage offerings, will be developed during a period of 10 to 15 years, subject to market demand.

“Santa Clara is home to the highest number of blue-chip tech tenants in Silicon Valley, making it an attractive location for small and mid-sized firms that serve those businesses,” said Dougherty. “With the limited supply of well-located, multi-tenant office product in the region, we anticipate robust demand at Bayland over the next few years.”

Buchanan Street continues to seek investments in value-add and core-plus assets throughout the Bay Area, and select markets in the western region.

“We are being selective on investments but want to grow our portfolio,” Dougherty tells GlobeSt.com.

SANTA CLARA, CA—The Bayland Building is a 116,000-square-foot office building located near Levi's Stadium at 2953 Bunker Hill Lane. The building is within walking distance to the Santa Clara Convention Center, the stadium and a light-rail station. Bayland is located along the Great America Parkway corridor, providing convenient access to the South Bay Freeway (CA-237), Bayshore Freeway (US‑101) and Lawrence Expressway.

Buchanan Street Partners recently purchased the building from Sleepy Hollow Investment Company for $32.3 million and will execute various capital improvements to elevate the asset's profile and tenant appeal. Plans include modernizing the building systems, updating common areas and increasing on-site amenities to attract and retain the valley's tech workforce.

“This project was an attractive investment because of its strong in‑place tenancy, discount to replacement cost and the potential to meet multi‑tenant office demand at competitive rates,” said Robert Dougherty, partner at Buchanan Street Partners.

It is currently 100% leased to four tenants led by Inphi Corporation. Two of the existing tenants may depart due to growth needs in the next couple of years.

“The multi-tenant building with this floorplate size fills an appealing niche in Santa Clara,” Dougherty tells GlobeSt.com. “There are fewer medium space options in the area. A lot of that type of space has been demolished for the big boys.”

Eastdil Secured's San Jose team represented the seller in this transaction. Buchanan Street represented itself.

“Bayland is well positioned to benefit from its proximity to the stadium and from future mixed-use developments planned in the area, including Related Companies' planned hotel, retail and residential project,” Dougherty says. In fact that, and the proximity to light rail, was one of the decision drivers for the Buchanan Street acquisition.

“Related's walking/amenity project will create a second downtown, with Great America Parkway becoming the core piece of it,” Dougherty tells GlobeSt.com.

Related Companies is to build a reported $6.5 billion mixed-use center and office campus just north of Levi's Stadium, on land previously occupied by a 240-acre city golf course and dirt-bike track. With a total of 9.7 million square feet, it would include up to 5.7 million square feet of office, 1.1 million square feet of retail, 700 hotel rooms and up to 1,360 apartment units, along with a 35-acre park.

It is to be an urban center that features restaurants with locally sourced food, local and global retail brands, green space for bikers and pedestrians, and a variety of entertainment venues. The new downtown city center will boast multiple but distinct districts incorporated into one community through multiple pedestrian and bike-friendly paths.

The 239-acre mixed-use development will be separated into five parcels, each of which will be developed in phases. The largest parcel will house the city center and the majority of the residential, entertainment, retail and restaurant space. It is anticipated that construction of the first phase will commence in 2017 and be completed by 2020. Future phases consisting of office space, with a mix of retail, as well as food and beverage offerings, will be developed during a period of 10 to 15 years, subject to market demand.

“Santa Clara is home to the highest number of blue-chip tech tenants in Silicon Valley, making it an attractive location for small and mid-sized firms that serve those businesses,” said Dougherty. “With the limited supply of well-located, multi-tenant office product in the region, we anticipate robust demand at Bayland over the next few years.”

Buchanan Street continues to seek investments in value-add and core-plus assets throughout the Bay Area, and select markets in the western region.

“We are being selective on investments but want to grow our portfolio,” Dougherty tells GlobeSt.com.