LaSalle Investment Management has paid $115 million (€76 million) for the five-building Montague Park office and research and development complex in Silicon Valley’s Golden Triangle, according to local press reports. LaSalle acquired the property through its LaSalle Income and Growth Fund IV, which closed in 2006 with approximately $500 million in capital.
The seller was a joint venture between Westbrook Partners and Four Corners Properties, which paid $94 million to acquire the property from the Amstar Group in 2006.
Located in the city of San Jose, the Montague Park office complex sits on more than 20 acres along Montague Expressway, and encompasses five two-story office buildings. The property was 76 percent leased at time of sale to tenants including Ultratech Inc., Foveon Inc. and Pillar Data Systems.
Property assets in California’s Silicon Valley have been snapped up by private investors in recent months. Earlier this week, Legacy Partners purchased the 355,000-square-foot Hamilton Plaza office complex for $126 million from California-based real estate investment company Seagate Properties, which sold the property on behalf of the Ohio State Teachers Retirement System.
Late last year, the real estate investment arm of Bahrain-based Investcorp partnered with California-based Bixby Land Company to target investments in the Silicon Valley property market. The joint venture will focus on the acquisition of office and research and development properties in the area.