San Francisco-based RREEF, a national real estate investment advisor, recently purchased a portfolio of office and R&D space in California’s Silicon Valley totaling 5.3 million square feet.
The value of the transaction was not disclosed.
Santa Clara, Calif.-based Peery-Arrillaga still has almost three million square feet of property in Silicon Valley after selling the 119-building portfolio. The properties they recently sold are throughout the cities of Mountain View, Sunnyvale, Santa Clara, Milpitas and San Jose.
“We are very excited to acquire a portfolio of this quality in the Silicon Valley. I am confident it will be a great investment for our clients,” said Jim Carboni, RREEF partner.
Peery-Arrillaga developed the properties on more than 337 acres during the past 30 years, according to a press statement.
RREEF also announced its plans to lease the remaining 1.5 million feet in the various properties.