America Center Up for Sale

Legacy Partners, a vertically integrated real estate investment firm, announced this week that it had retained HFF and Cornish & Carey Commercial Newmark Knight Frank to spearhead the sale of the entire America Center project in Santa Clara, California. The offer for sale includes the two 213,000-square-foot, six-story buildings and roughly 13 acres of adjacent land that is envisioned for two additional 213,000-square-foot buildings. According to a Silicon Valley Business Journal article, several real estate sources indicated the property could trade for significantly north of $400 per square foot, based on the built space; a range of $400 to $500 a foot would pencil to $170 million to $213 million.

"America Center was conceived and constructed as an environmentally advanced office campus that reflects a growing demand for a sustainable land use policy and modern workplace environments in Northern California, Silicon Valley and indeed the nation," said Derrick How, Vice President of Acquisitions and Development for Legacy Partners Commercial, in a 2010 article shortly after Legacy Partners updated the property. "This project required us to work with the most current techniques in design, construction and remediation, an investment we hope serves as a ready inspiration for our corporate tenants seeking to further elevate the Bay Area’s commitment to long-term sustainability and continued progress in the adoption of clean technologies and green infrastructure."

Construction of the America Center began in June 2000 after Legacy Partners acquired more than 60 acres at Highway 237 and Great America Parkway from Cargill Salt. In 2007, HKS Architects were commissioned by Legacy Partners to expand and update the property with an advanced and modern mindset. America Center was shell complete in July 2009 and soon became San Jose's first LEED Gold-certified speculative office development built on a fully restored brownfield.

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