PREI to buy Silicon Valley office property
Prudential Real Estate Investors has agreed to purchase the Cisco Tower, an office building in Santa Clara, Calif., a suburb of San Jose. A sales price was not disclosed.
The seller was Shorenstein Properties, which purchased the 12-story office tower for $67.3 million in 2005 on behalf of its Shorenstein Realty Investors 7 fund. The company raised $775 million of equity for the fund, which included $75 million from the company itself. All of the investments for the fund were completed over a 37-month process.
The Cisco Tower was developed in 2001 and served as Cisco’s headquarters; however, it did not renew its lease.
The acquisition follows PREI’s purchase of the neighboring office property for $148.7 million, or $508 per square foot, from The Blackstone Group. It is 93 percent