Invesco sat through a year of nibbles before it could hook a lease for a nearly 85,500-square-foot building at a new industrial park in Morgan Hill.
The Atlanta-based investor finally leased the building to Pinnacle Exhibits at 18225 Butterfield Boulevard, the Silicon Valley Business Journal reported. Terms of the deal were not disclosed.
The Oregon-based tenant, which creates corporate exhibits at trade shows, expects to vacate a 63,000 square foot building early next year at 18420 Sutter Boulevard in Morgan Hill, according to a listing from CBRE.
It’s not clear when Pinnacle will move into the first of five available buildings at the Butterfield 5 Technology Park. Brokers Rob Shannon and Chip Sutherland of CBRE held the listing.
The 24-acre Butterfield 5 campus was completed by Dallas-based Trammel Crow in May 2022 west of Highway 101 and north of Downtown Morgan Hill.
A month later, Invesco bought the 410,000-square-foot industrial park for $119 million, or $291 per square foot.
CBRE, parent company of Trammel Crow, had marketed the properties for advanced manufacturing, life science, industrial or warehouse uses at $1.25 per square foot per month.
The property’s completion and sale came during high demand and low supply for industrial sites in Silicon Valley, according to the Business Journal.
Butterfield 5 is one of just six industrial developments that were expected to be completed in the region last year, according to Colliers.
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The campus opened in tandem with Morgan Hill’s aim to draw more industrial and advanced manufacturing businesses. City officials want residents to be able to work in town, rather than commute north to San Jose and beyond.
By moving across town, Pinnacle is following in the tracks of Shoe Palace, which last summer sold its old Morgan Hill headquarters for $45 million and moved into a new, 503,400-square-foot building next door.
— Dana Bartholomew