Large Block Sells in Silicon Valley, Land of Scant Space

The 30-acre site has three office/R&D buildings totaling approximately 472,000 square feet.

MILPITAS, CA—One of the few remaining headquarters facilities available in Silicon Valley has been acquired at a purchase price in the neighborhood of $70 million, GlobeSt.com learns. A joint venture between Embarcadero Capital Partners and PCCP LLC acquired the recently renamed Park Point campus from Los Angeles-based Hudson Pacific Properties with plans to transform the campus into creative space.

“We have a long history of creating transformative corporate headquarters along the 237 Corridor,” says Carol Donnelly, Embarcadero Capital principal. “We are thrilled to start working on Park Point with our partner PCCP and the teams from HOK and Newmark. We believe this campus is one of the best large blocks of space immediately available in Silicon Valley at an incredibly competitive price point.”