An affiliate of BentallGreenOak has picked up a 75,400-square-foot office and research building leased by Apple in Sunnyvale for $41 million.
BGO 825 Stewart, an affiliate of the Toronto- and New York-based real estate investment firm, bought the building at 825 Stewart Drive, the San Jose Mercury News reported. The seller was an affiliate of GI Partners, a private equity firm based in San Francisco.
The price worked out to $544 per square foot.
The GI Partners affiliate bought the two-story building in 2016 for $34.7 million, or $460 per square foot.
For the past several years, Apple has leased the R&D building on 4.3 acres. The deal with the tech titan, based in nearby Cupertino, runs until 2030.
The building received a $5 million makeover in 2015, and Apple added some upgrades of its own to the property, according to JLL, which marketed the property last spring. “The two-story property offers highly specialized lab improvements,” JLL said in March.
The property is less than two miles from the Sunnyvale Caltrain and the Lawrence Caltrain stations.
Brokers Will Connors, Daniel Renz, Michael Manas, Cheri Pierce, Kendall Willet and Aisling Duffy of JLL represented the seller.
BentallGreenOak, has offices in 28 cities across 14 countries with $83 billion in assets under management, according to its website. It is a real estate unit of SLC Management, an asset management arm of Sun Life Financial, based in Toronto.
In January, an affiliate of BGO snapped up a 575,000-square-foot warehouse in Newark leased by Amazon.com for $138 million, or $240 per square foot.
In May of last year, it bought a 175,000-square-foot warehouse in Southern California’s Inland Empire for $83.4 million.
In early 2021, the asset manager bought a 100,000-square-foot warehouse fully leased by Amazon in Brooklyn, New York, for $46 million. The previous month, BentallGreenOak bought an 18-story office building in Tokyo for $693 million.
— Dana Bartholomew
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