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| Hines/Oaktree venture acquires 825 Stewart Hines, the international real estate firm, announced that, along with a real estate fund managed by Oaktree Capital Management, L.P. (Oaktree), it has acquired 825 Stewart Drive, a 75, 350-square-foot office asset in Sunnyvale, CA, from Pacific Landmark, LLC. Financials on the deal were not disclosed. As originally constructed in 1968, the property consisted of a 45,768-square-foot, single-story building. In 2002, the property underwent a renovation which included a 29,582-square-foot, two-story addition. The property is located on more than four acres in the heart of Silicon Valley and has excellent access to Highway 101, Lawrence Expressway, Central Expressway, and Caltrain in downtown Sunnyvale. Currently vacant, 825 Stewart will undergo a complete redevelopment under its new ownership. After the approximately nine-month process, the asset will be a substantially modernized office building that will appeal to both creative and more traditional technology industry tenants. Improvements to the property will include a seismic upgrade, complete replacement of building systems, new glazing and exterior painting, new landscaping, an all-new lobby, and a market-ready tenant build out. write your comments about the article :: © 2014 Construction News :: home page |