A joint venture between Northridge Capital, LLC, the Washington, D.C.-based real estate investment and asset management firm, and Kamco Invest, the Kuwait-based asset management and investment banking firm, has acquired The Campus at Lawson Lane, ServiceNow’s world headquarters, a 328,867 square foot Class A office campus located in Silicon Valley, Santa Clara, California.
The purchase price was not disclosed. According to some reports the property was acquired for $276 million.
The state-of-the art Class A office campus in Silicon Valley consists of three buildings – two five-story office buildings each comprised of approximately 155,000 square feet, and a three-story amenity building that offers a full-service cafeteria, gym facilities with daily fitness classes, and social gathering hubs for employees.
Situated in one of the area’s most dynamic submarkets, the campus is fully leased to ServiceNow, offering more than 15 years of remaining lease term, and will generate a net cash yield of 7.50% per annum, said in a statement.
The Campus sits on 8.8 acres in a highly amenitized area of Santa Clara, just north of the Central Expressway and in the heart of Silicon Valley.
The Campus is within three minutes walking distance of the Whole Foods-anchored Santa Clara Square retail center and five minutes from Lawrence Caltrain Station, which offers access to the rest of the Valley as well as San Francisco.
“We are thrilled to begin 2020 by purchasing another institutional, Class A office asset in partnership with Kamco Invest. We look forward to continuing to identify and acquire similar high quality assets and aim to significantly expand our portfolio in the coming months and years, with a focus on both gateway and secondary markets in the US,” said David Jackson, Founder & President of Northridge Capital.
“This transaction is in line with our strategy to grow our real estate portfolio with income generating grade A properties which have grown in less than 5 years to include 13 properties in the US, UK and Europe valued at USD1.18bn and generating an average annual cash yield of 7.8%,” said Mohammad Al-Othman, Executive Director of Real Estate Investments at Kamco Invest.
Eastdil Secured represented the Seller, led by Nate Jones.