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Exclusive: Cisco sells 57 acres to Trammell Crow for new business complex
- Nathan Donato-Weinstein
- Real Estate Reporter- Silicon Valley Business Journal
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Trammell Crow, a Dallas-based real estate developer and investor, closed on the land on Tuesday. The Business Journal was first to report the deal.
The price was not disclosed, but one person outside the deal estimated the land went for about $10 a foot, or roughly $25 million. However, another industry source estimated that number was too high. I'll update this story if I nail down a firmer price range.
Regardless of price, the parcel is a rare blank slate at the tip of the city's so-called "Golden Triangle," the largely commercial area bounded by Highway 237, Highway 101 and I-880.
It is located behind the offices
of Harmonic Inc. and is roughly bounded by North First
Street to the west, Nortech Parkway to the south, Disk Drive to the east and
Ground Boulevard to the north. That is directly to the east of where South Bay
Development picked up 30 acres, also from Cisco, last year.
John Greer, a principal and
head of Trammell Crow's Northern California Business unit, said the options are
wide open for the site, and could include industrial, R&D, warehouse and
office uses. It is already zoned for about 625,000 square feet of office/R&D
space."We've been looking for opportunities to do a very high-quality business/industrial park in Santa Clara County," Greer told me.
"We feel there's a diminishing inventory of quality industrial space, and there's opportunities for (uses) like assembly and light manufacturing, as some of those activities come back to the Bay Area as opposed to being off-shore."
Nathan Donato-Weinstein covers commercial
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