OAKLAND, Calif.–A joint venture between Harvest Properties, a full service commercial real estate investment, development and management firm, and its longtime partner Invesco Real Estate, a global real estate investment manager, has acquired a three-building class “A” office development site in the heart of Sunnyvale, one of Silicon Valley’s most active submarkets.
This acquisition marks the eighth joint venture that Harvest and Invesco have completed together.
The fully entitled, shovel-ready development is located in Sunnyvale’s desirable Peery Park, just minutes from Downtown Sunnyvale, less than one mile to Caltrain and with convenient freeway access to both Highways 101 and 237. The project totals approximately 540,000 square feet across three buildings and can be delivered in phases, allowing a tenant the unique opportunity to synchronize their growth plans with the commencement of occupancy. The partnership intends to break ground immediately and it anticipates it will deliver the first building, located at 684 W. Maude Avenue and containing approximately 190,000 square feet, in the third quarter of 2020.
“This development represents an incredible headquarter campus opportunity that will exceed the demands of today’s corporate users,” said Preston O’Connell, partner at Harvest Properties. Blair Volckmann, partner at Harvest Properties, added, “We will deliver a project that is best-in-class new construction with prominent identity, flexible scalability, and proximity to both an array of amenities and major public and private transportation hubs.”
“The project sits at the epicenter of Silicon Valley’s business community and will allow a future tenant access to the world’s best technology and innovation labor force. This is the very reason that its corporate neighbors include LinkedIn, Apple, Walmart.com, Microsoft, Nokia, Riverbed, Alibaba.com, Proofpoint, Synopsys, Twitter, and 23&Me,” said Invesco’s Director of Acquisitions, Rohullah Sharifi.