A joint venture between Embarcadero Capital Partners and PCCP, LLC has acquired the recently renamed Park Point campus from Los Angeles-based Hudson Pacific Properties. The 30-acre site featuring three office/R&D buildings totaling approximately 472,000 square feet, located at 115 - 155 North McCarty Boulevard in Milpitas, is one of the few remaining high-quality headquarters facilities available in Silicon Valley. Vice Chairman Jeff Arrillaga, Executive Managing Directors Shawn Kellenberger and Michael Saign of Newmark’s Silicon Valley office are the exclusive listing agents of Park Point.
Park Point offers an optimized, highly efficient, flexible work environment that promotes productivity with best in class indoor/outdoor usable amenity space. This campus will be a key recruiting and retention asset for the next users. HOK, a global design, architecture, engineering and planning firm, who was recently named among the world’s most innovative companies by Fast Company, has been engaged to lead the project’s revitalization as a contemporary, creative workplace.
Embarcadero Capital Partners Principal Carol Donnelly said, “We have a long history of creating transformative corporate headquarters along the 237 Corridor. 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.”
Located at the intersection of Highway 237 and I-880, Park Point occupies a strategic location for employers looking to reduce commute times for their employees traveling from all directions to Silicon Valley. Given the dispersion of talent in the Bay Area, Park Point offers one of the most attractive macro level locations at Silicon Valley’s end of the San Francisco Bay.
Over 50 food, lodging, hospitality and retail amenities are located across the street from Park Point. Park Point also features direct access to the Guadalupe hiking trail and will have shuttle service to the new Milpitas BART station, offering seamless public transit connectivity.
About PCCP, LLC
PCCP, LLC is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has $9.0 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco, Atlanta, and Los Angeles, PCCP has a 21-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns. Since its inception in 1998, PCCP has successfully committed $19 billion of capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with experienced operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.
About Embarcadero Partners, LLC
Embarcadero Capital Partners is a real estate investment and management firm based on the San Francisco Peninsula. The firm invests in dynamic, development-constrained U.S. markets that are known for intellectual capital and a creative business culture.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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