PS Business Parks Inc., a a publicly traded full service real estate company based in Glendale, CA, announced this week that it had acquired Orchard Business Park in San Jose for $16 million, or $134 per square foot. PS Business Parks purchased the the 8-acre complex from Colony Capital in a transaction arranged by a CBRE team led by Joseph Moriarty, out of the brokerage's San Jose office, according to a Silicon Valley Business Journal article. The acquisition increases the company's presence in the Bay Area to 7.2 million square feet, comprised of 30 business parks located throughout the East Bay, Mid-Peninsula and Silicon Valley markets, which is currently 95.8% leased.
"Orchard Business Park is a great addition to PSB's vibrant Bay Area portfolio, where the company serves the needs of over 930 customers that are attracted to our well located portfolio of flex, office and industrial parks," said Joseph Russell, president and CEO of PS Business Parks in a press release. "With 80% of the leases at Orchard Business Park expiring over the next 24 months, we anticipate meaningful demand from both existing and new customers along with strong rental rate appreciation, consistent with the performance of our Bay Area parks."
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