CalSTRS, CBRE acquire Calif. office building for $162m

The $207 billion California State Teachers Retirement System and CBRE Global Investors have acquired an office building in Santa Clara, Calif., for $162.5 million, according to news sources.

CalSTRS did not comment on the transaction; however, it said the official news of the transaction will be released toward the end of August after it has, “duly reported the transaction via its investment activity reports at its investment committee meeting,” according to Ricardo Duran, media relations for CalSTRS.

The 250,000 square-foot office property is located at 3333 Scott Blvd. in Santa Clara, Calif. It is a six-story building that is now 100 percent leased to Hewlett Packard Enterprises, according to sources. CalSTRS bought the core property as a separate account acquisition through CBRE Investors as its manager.

This building is part of phase II of the major office campus development at the location. Additional development includes three eight-story office buildi