Blackstone buys Roku’s Silicon Valley office buildings

Roku has 9 years left on its lease in San Jose

National Weekend Edition /
Oct.October 18, 2020 09:00 AM
Blackstone’s Stephen Schwarzman, Roku CEO Anthony Wood and Coleman Highline in San Jose (Blackstone; Wikipedia Commons; Coleman Highline)

Blackstone’s Stephen Schwarzman, Roku CEO Anthony Wood and Coleman Highline in San Jose (Blackstone; Wikipedia Commons; Coleman Highline)

A few months after making a blockbuster deal in Hollywood, Blackstone Group is making another big bet on streaming video with the purchase of a San Jose office property leased to Roku.

Blackstone’s non-traded real estate investment trust, BREIT, will pay $275 million, or around $770 per square foot, for two buildings in the Coleman Highline development, Bloomberg News reports.

Roku moved its headquarters to the property last year and has nine more years on its lease. The digital media company rents 730,000 square feet of office space at the complex, which was developed by Hunter Properties.

In August, Blackstone bought a 49 percent stake in Hudson Pacific Properties’ $1.65 billion Hollywood production studio and office portfolio.

Netflix leases 31 percent of the space, and ABC, Disney and CBS/Viacom lease are among the other main tenants.

San Jose has attracted attention from major Bay Area companies in recent years, according to the Mercury News. Adobe is expanding its office complex in downtown San Jose. Not far away, Google has proposed a 79-acre office-heavy mixed-use development near San Jose’s Diridon Station. Apple has been buying properties for an 85-acre campus in north San Jose.

[Bloomberg] — Dennis Lynch 


Related Articles

arrow_forward_ios
(Arlington Park, Google Maps)
Churchill Downs looks to sell 326-acre Arlington Park race track
Churchill Downs looks to sell 326-acre Arlington Park race track
Chicago this week raised indoor dining to 40% of a venue's capacity. (iStock)
Filling up: Chicago boosts indoor dining capacity
Filling up: Chicago boosts indoor dining capacity
Photo illustration of the Silver Lake Country Club (Silver Lake CC, iStock/Illustration by Kevin Rebong for TRD)
Orland Park golf club hits market as residential redevelopment
Orland Park golf club hits market as residential redevelopment
Willis Tower with Blackstone’s Jonathan Gray and United CEO Scott Kirby (Getty)
United clips wings at Willis Tower, continuing Chicago office exodus
United clips wings at Willis Tower, continuing Chicago office exodus
Sterling Bay CEO Andy Gloor and Prudential Plaza (Getty)
Sterling Bay sues Tribune over $5M in skipped rent
Sterling Bay sues Tribune over $5M in skipped rent
Berkadia CEO Justin Wheeler with Moran & Co.'s Tom Moran (Getty)
Berkadia picks up longtime multifamily brokerage
Berkadia picks up longtime multifamily brokerage
The owner of Johnny’s IceHouse East wants to sell the 50,000-square-foot building. (Johnny's IceHouse via Facebook, iStock)
No more ice ice, baby: Indoor skating rink hits market as redevelopment opportunity
No more ice ice, baby: Indoor skating rink hits market as redevelopment opportunity
110 North Carpenter Street and 333 South Wabash Avenue (Sterling Bay, Shvo)
Here are Chicago’s 10 biggest investment sales of 2020
Here are Chicago’s 10 biggest investment sales of 2020
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...