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Transactions - NOVEMBER 23, 2015

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Oregon PERS pays $299m for Silicon Valley office complex

by Andrea Waitrovich

Clarion Partners and the $69.7 billion Oregon Public Employees Retirement System have acquired a three-building office complex in Northern California’s Silicon Valley for $299 million, according to Real Capital Analytics. An official statement has not been released.

Campus @333 in Santa Clara, Calif., was sold by Beacon Capital Partners and Menlo Equities, which developed the 450,000-square-foot asset in 2013. Major tenants include Akamai Technologies, Hitachi, Lenovo and Palo Alto Networks.

The acquisition follows another pension fund’s purchase in the Silicon Valley market. The $184.5 billion New York State Common Retirement Fund paid $231 million for the Montague Point office property in San Jose  as part of a $1.6 billion portfolio purchase.

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