287,000-Square-Foot Portfolio Sold at 190, 210 & 230 West Tasman Drive in North San Jose Campus
SAN FRANCISCO (July 28, 2016) — TMG Partners, one of the San Francisco Bay Area’s largest mixed-use property developers, and Fortress Investment Group, a highly diversified global investment firm with $72 billion in assets under management, today announced the sale of its remaining properties at Champion Station, totaling 287,371 square-feet, to an institutional real estate investor engaged in the ownership of high quality office and mixed-use properties nationwide.
“North San Jose, and its amenity-rich environment, continues to attract technology companies both locally and internationally,” said David Cropper, TMG Partners Director of Development. “Our strategy at Champion Station had been to complement the mixed-use campus setting with onsite improvements designed to encourage innovation, collaboration and healthy lifestyles for prospective tenants and their employees. Our ability to secure quality tenants and to close this final transaction is proof positive of the demand technology tenants have for health-driven offerings, coupled with the amenities of nearby residential, retail, entertainment and transportation options.
TMG and Fortress originally purchased an eight-building, 810,000-square-foot campus from Cisco Systems in 2013 due in large part to its ideal location in a surging North San Jose market, at a major light rail stop, steps from retail on North First Street and approximately one half-mile from Levi’s Stadium. After executing a major renovation of the building exteriors, interiors and common area amenities, the project was reintroduced to the market as Champion Station in 2014. The partnership subsequently sold four buildings to an investor in late 2014 and recently closed on the sale of a fifth building to a corporate owner-user in May 2016. The remaining assets are fully occupied by Silver Spring Networks and ForeScout Technologies.
Jeff Weber, Greg Cioth, Mark Penrod, Andy Zighelboim and Tommy Kim with Eastdil Secured represented both buyer and seller.
About TMG Partners
TMG Partners, founded in 1984 and headquartered in San Francisco, is a full-service real estate development and management company. TMG has developed more than 25 million square feet of property throughout the San Francisco Bay Area, including Emeryville, Marin City, Novato, Palo Alto, San Bruno, San Jose and San Francisco. One of the most active developers in this area, the company has developed a variety of office, retail, residential and industrial properties, ranging from office campus and multi-story properties in urban, infill locations to mixed-use retail and single-story suburban buildings. For detailed information, visit: www.tmgpartners.com.
Fortress Investment Group LLC (NYSE: “FIG”) is a leading, highly diversified global investment manager with approximately $70.6 billion of assets under management as of March 31, 2016. Fortress offers a range of alternative and traditional investment strategies for institutional and private investors around the world. Founded in 1998, the Company seeks to provide its investors with superior risk-adjusted returns in a management structure that closely aligns the interests of investors and managers.