Ellis Partners has completed a  $141. 5 million transaction for funds managed by Oaktree Capital Management to purchase a majority stake in the three-building, 365,000-square-foot class A office component of the iconic mixed-use Pruneyard complex in Campbell, Calif.
Ellis Partners, which purchased the property in 2014, will retain an ownership stake and continue to manage the project.
The Pruneyard Office Towers are centrally located in the heart of Silicon Valley’s West Valley submarket with prominent visibility and ease-of-access along Highway 17 and less than a 10-minute walk from downtown Campbell (via a newly improved walkway) as well as the Hamilton VTA light rail station.
The Oaktree transaction provides the new ownership group with fresh capital to embark on significant additional amenity and common area upgrades to the office buildings. Ellis Partners will continue to own the retail component with its existing financial partner.
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