TMG Partners, one of the San Francisco Bay Area’s largest mixed-use property developers, and Grove Real Estate Partners, a multidisciplinary commercial real estate investment firm, in a joint venture with Lone Star, have acquired Washington Holdings’ class A R&D portfolio, the largest and most cohesive institutionally owned 2.2 million-square-foot collection of predominantly single-story research and development properties in Silicon Valley.
TMG and Grove will be the operating partners of the 2.2 million-square-foot, six-project portfolio spanning 140 acres across Santa Clara, San Jose and Milpitas, all within Silicon Valley’s Golden Triangle submarket.
“This acquisition represents a rare opportunity to secure the most cohesive assemblage of mission-critical R&D space in Silicon Valley in a single transaction,” said Ben Kochalski, co-CEO of TMG Partners. “Silicon Valley’s R&D inventory has declined nearly 20 percent since 2003, and new develop
