San Francisco-based TMG Partners and Fortress Investment Group LLC have announced the acquisition of an eight-building office campus site in North San Jose as a result of a joint venture between the two companies.
The West Tasman Drive location totals 810,600 square feet of space and was sold to the JV by networking solutions company, Cisco, which has already agreed to lease back the space once the deal is closed.
According to a press statement issued by TMG, Cisco will start to incrementally vacate the property to allow a complete renovation of the premises to take place. The new owners see an opportunity to add to the property’s value, and the renovation process is slated to begin in January 2014.
TMG Partners’ chairman and CEO, Michael Covarrubias has expressed the company’s faith in the newly acquired asset by mentioning the fact that TMG Partners believes that “there is an ongoing demand for large, contiguous blocks of well-located high quality space in Silicon Valley,” according to a report in the San Francisco Business Times.
Covarrubias also said for the press that new tenants would be greeted by an improved property, with significantly upgraded street presence.
The renovations will include extensive landscaping, modifications to the property’s façade, new signage, parking lot and improved common areas. Interior common areas will also be upgraded, along with the building system. Prospective tenants will likely be companies looking for two or three buildings, with expansion options made available to them.