Follow Us

Copyright 2014 Brand Exponents All Rights Reserved

A bit of history blends into Campbell project

Editor’s note: The following story is part of the Business Journal’s 2019 edition of Silicon Valley structures, the annual awards program honoring the region’s top real estate developers, dealmakers, projects and deals. The print edition of the section publishes on Sept. 20. Honorees will be awarded at a Sept. 19 awards gala in downtown San Jose. Click here for tickets.

Members of the Campbell Fruit Growers Union, back in 1892, built a sprawling complex that first served as a fruit processing plant. It now houses retail and office space, including a “hipster” bar, and is a popular destination in downtown Campbell.

The Cannery is an 11-building property. It is a historical resource of the City of Campbell and is one of only a few historic brick and timber buildings in Silicon Valley. Of particular interest are the clerestory windows.

The property served as a retail destination in the 1970s and was repositioned as predominantly office space in the 1980s. In 2013, it was acquired by Four Corners Properties and Rockwood Capital and in its renovation, developers have added retail space.

The property’s recent renovation exposed structural wood elements, industrial steel work and the clerestory windows, with the glass removed and covered by wood and stucco. Workers found bottles, inkwells, railroad tracks and rusted iron spikes.

Size: 104,000 square feet

Cost: $15 million overall, $4 million in interiors

Status: Started June 2017, completed January 2019.

Amenities: With 11 buildings, tenants can lease a site while benefiting from the amenities of a diverse project. The largest building, at 40,000 square feet, has a sawtooth roof and four rows of clerestory windows, allowing in large amounts of natural light. The property is adjacent to the Valley Transportation Authority stop in downtown Campbell.

Tenants: For many years, the property served as a low-cost option for office space in the West Valley. The development team saw potential to attract tech and creative tenants and to achieve rents commensurate with high-end office space in Silicon Valley.

Challenges: The development permit required reviews from the city’s planning department and commission, historic review board, site and architectural committee and city council. Particular attention had to be paid to how new architectural elements would complement historical elements. The property was occupied and is a thoroughfare for pedestrians. The path for pedestrians changed frequently, with plywood walkways and barricades. At some point, each tenant could not access entrance to his or her suite. Demolition revealed structural inadequacies, termite and water damage, and illogical utility routes.

Tidbit: While the design and construction teams were experienced in newer buildings designed as offices, working in The Cannery forced them to rethink things such as finish selections, electrical wiring and fire protection. The work included ADA and seismic upgrades.

Unique features: In the early 1900s, George Henry Hyde used new inventions such as electric motors and conveyor belts to improve the cannery’s efficiency,
documented in a 1921 issue of Canning Age. The design team found the magazine and historic photos, showing what the building looked like 100 years ago, including the clerestory windows.

Key players

Owner/developer: Water Tower Fee Owner, a joint venture between Rockwood Capital and Four Corners Properties

General contractor: South Bay Construction

Architect: Habitec

Leasing brokers: Erik Hallgrimson and Bob Simpson


237 on Moffett deftly blends history and growth

237 on Moffett is the Speculative Project of the Year in the 2018 Structures real estate awards. Built in the 1970s, the building originally served as a research and development facility for engineers developing mainframe computers, according to Four Corners Properties.


NYC investors double money with downtown San Jose office tower flip
The building at 303 Almaden has sold for a record
amount per square foot at least for the downtown
San Jose area

The sellers of a San Jose office tower doubled their money in four years, recently selling the property for more than $80 million — a record for downtown and a sign that the area is in the midst of an upswing.

AEW Capital Management purchased the Class A office tower at 303 Almaden Blvd. for $80.15 million, more than twice the amount that the sellers, Rockwood Capital and Four Corners Properties, paid for the 11-story building just a
few years ago.

The deal for the 157,537-square-foot building,
which closed July 6, works out to nearly $509 per square foot — a record price per square foot for downtown San Jose, although at least one
other building, in north San Jose, sold for more than that earlier this year.

Previously, the downtown price per square foot record was set at about $468, per Costar records. That was for a 2015 sale of 50 W. San Fernando St. for $165.5 million to Rockpoint Group LLC.


See below the table below for the largest downtown San Jose office space transactions, ranked by price per square foot


The sale price for 303 Almaden is particularly noteworthy because it shows how much the downtown San Jose market has shifted in a few short years. In 2013, Boston Properties let go of the tower at a loss, saying the downtown San Jose submarket hadn’t lived up to the company’s expectations.


Rockwood purchased 303 Almaden, commonly known as the Ernst & Young building, from Boston Properties for $40 million at that time. Boston Properties had previously purchased the building for $45 million in 2006.


“The downtown San Jose market hasn’t experienced the level of activity we hoped for in the market, so we’re rethinking our plans,” Boston Properties President Douglas Linde said in 2013, according to Globe Street, though he noted that he still had confidence in other areas of Silicon Valley, adding: “We view the Palo Alto/Mountain view area as having great potential.

”It’s worth noting that Boston Properties had owned the building through the worst of the Great Recession, Blage Zelalich, the city of San Jose’s downtown manager, said in an interview Tuesday.


“You can kind of see where if you held onto [the building] for seven years and some of that time was not the greatest economic times, then maybe by the end of that — as things are coming up — you probably have a different perspective than somebody who is relatively new to that market,” she said.


But in the last couple years, downtown San Jose has turned a corner that many didn’t predict.

Representatives from Rockwood declined to comment on the transaction Tuesday, but Colliers International data from 2013, when the New York-based investor bought the building, show the office vacancy rate in San Jose sat at more than 16 percent, which was considered low compared to previous quarters around that time.


Now, office vacancy sits around 9 percent in San Jose, and Costar records show that Pearson, Inc. in April signed a 15,524-squarefoot lease for the fifth floor of the building. Building permits on the city of San Jose’s website also show that Rockwood initiated tenant improvements for Pearson in recent months.


That level of vacancy typically marks a point at which office rents really start rising in a market, Anne Ralston, senior managing director at Newmark, said in an interview Tuesday.


Meanwhile, the city is preparing for a major building boom in downtown, including hundreds of thousands of square feet in commercial space and more than 6,000 residential units currently in the pipeline, many of which will rise in tall towers reaching more than 20-stories high.


Google is also in talks with the city to purchase several key parcels that would allow the Mountain View-based tech giant and its development partner, Texas-based Trammell Crow, to build up to 8 million square feet with a mixed-use development in the city’s downtown next to Diridon Transit Station.

The transit station over the next decade is slated to see more than $8 billion in investment through an electrified Caltrain line, a BART extension and eventually, high-speed rail.


Though the high-profile news of Google eyeing San Jose likely had a part in driving up the price of 303 Almaden, Ralston doubts it was the only factor at play for the record-setting price in downtown.


“Since 2014 prices have started to climb up,” she said. “I think it has more to do with transit and the high level of traffic that everybody is experiencing. That is what most tenants would tell you — it’s ‘We need to be at the train station.’ “

As other areas around the ever-popular Caltrain stations along the Peninsula fill up with developments, downtown San Jose, which has a baby bullet stop that lets riders hop on express trains during peak hours, “was kind of the next place to explode,” Ralston added.


Indeed, Zelalich characterized Google’s potential landing in San Jose as a helpful boost to everything else that is already happening in the San Jose real estate market as buildings around downtown continue to sell at higher prices than they have in the past.


“Google coming in and us making that announcement about their interest certainly helps to validate the market and validate that positive momentum,” she said. “But if Google wasn’t already aware of the positive momentum and the good things that were happening, they probably wouldn’t have wanted to make that announcement.”


Combine that momentum and the Google interest with the work that Rockwood put into the building since they purchased it, and it’s no surprise that 303 Almaden made a splash when it traded hands, Zelalich added.


“Rockwood came in and made some major improvements in the building and gave it some amenity space, and gave it a refresh and refurbish,” she said.


City of San Jose building permit records show that at least 14 tenant improvement permits have been issued for the building since 2013.

Permits in recent months show an estimated value of nearly $1 million. Four Corners Properties’ portfolio listing for 303 Almaden notes that the group designed and implemented “a comprehensive renovation plan in the building lobby, fitness center, outdoor area, and upper level full floors,” which helped to retain their major tenant, E&Y, and attract new ones.

Though Boston Properties wasn’t bullish on the office market for San Jose in 2013, it still owns multiple parcels totaling more than 3 acres in total directly adjacent to 303 Almaden. Those parcels were once entitled for more than 800,000-square-feet in office development, Business Journal reporting from 2006 shows, but today that land is being used primarily as a surface parking lot.


The 303 Almaden sale may set a record for the downtown market, but it’s not the largest sale that San Jose has seen this year. In May, a North San Jose office building at 2851 Junction Ave., home to longtime tenant Taiwan Semiconductor Manufacturing Co., sold for $82 million, or nearly $530 per square foot.


Join the conversation: Follow @SVbizjournal on Twitter, “Like” us on Facebook and sign up for our free email newsletters.


This story has been updated to reflect new tenants in the 303 Almaden building.


Janice Bitters

Commercial Real Estate Reporter

Silicon Valley Business Journal


Campbell: Water Tower Plaza to get a ‘backdating’ makeover

CAMPBELL — The Water Tower Plaza in downtown Campbell is going to get an exterior revamp.

The Campbell City Council voted unanimously recently to move forward with a plan to give the historic building a new look.

Project consultant Page and Turnbull plans to remove exterior items that are not historical from the building while updating its exterior and preserving its historical significance.

Owned by Four Corners Properties, the plaza is home to the bar Khartoum, Japanese restaurant Komatsu and offices. Included in the plaza are the city’s iconic water tower and a small playground.

The building served as the Campbell Fruit Growers Union and the George E. Hyde & Company fruit cannery from 1892 to 1937, according to city staff. In 1971, the fruit-drying plant closed.

The historical significance of the building will still be commemorated through plaques, and items that were added in the 1980s, such as the green cloth awnings in the front of the building, will be removed. Designs for new business signs will be submitted to the city for approval separately at a later date.

The project will also increase lighting around the building and the parking lot.

“It’s going to bring a little light to that corner,” Councilman Jeffrey Cristina said.

Existing benches will get wood replacements. Bins that differentiate between trash and recycling will be added, as will new landscaping.

Additionally, new handicapped-accessible ramps will improve access to all entrances to the building.

“I want to compliment the architects,” Councilman Michael Kotowski said, describing the design as “backdating,” meaning the building will be revitalized to modern standards while retaining period architecture and design.

Vice Mayor Liz Gibbons discussed improving pedestrian safety in the plaza and nearby on East Campbell Avenue. City public works director Todd Capurso said staff is looking to address pedestrian and bicycle safety on Orchard City Drive. Findings by city staff will be presented at a future meeting, he added.

The building is located at 300 Orchard City Drive next to the VTA downtown Campbell light rail station, residences and downtown businesses.

To view the plans for the Water Tower Plaza, visit bit.ly/campbellcouncil.


Check out the big upgrade planned for Campbell’s historic Water Tower Plaza

By Nathan Donato-Weinstein  –  Real Estate Reporter, Silicon Valley Business Journal

From a historical perspective, Campbell’s Water Tower Plaza at 300 Orchard City Drive is one of the more important buildings in town: The site itself was used for fruit drying as far back as the 1880s; later, it sprouted a packing house, and became a canning and dehydrating plant in the early 1900s. Its agricultural use continued until 1971.

Since then, however, its various commercial uses have tacked on layer after layer of supposed “improvements”: Clerestories have been covered up, brickwork cladded by stucco, dated decorations adorned.

Now, a couple years after buying the 100,000-square-foot building(it’s actually several buildings, built in different eras) with Rockwood Capital, Four Corners Properties is moving forward with a refresh that aims to restore the past while looking to the future.

The real estate development firm is seeking approvals for an extensive renovation, and I’ve included some of the “current” and “future” images in a slideshow that you can start by clicking on the image in this story.

Four Corners is working with the architecture firm Habitec, and historical architecture consultant Page & Turnbull on the project. The goal is to return some of the industrial look of the past (which is now chic) while adding contemporary flourishes. If it’s successful, the project could be better positioned to attract high-tech tenants. While the building’s current curb appeal is ho-hum, its location is already pretty darn good, sitting across the street from the light rail line and spitting distance from Campbell’s iconic water tower and the city’s downtown, which is absolutely groaning with food and drink options these days.

In its planning application, the applicant states: “Our proposal for The Cannery, currently known as Water Tower Plaza, is not a historical restoration, but rather a contemporary update of this historical resource, with sensitivity to the memorable elements of the past and the future, and attracts new tenants looking for an atmosphere with more character than many modern buildings offer. We believe that a rejuvenation to elevate The City of Campbell’s objectives for the downtown core, and with the direction of today’s economy.”

In a staff report, the city and its own historic consultant is largely positive about the proposal, finding that “proposed alterations are imaginative, reinforce the existing industrial narrative of the site’s past, and should create an exciting and refreshing new look which adds to the vitality of the historic resource.”

Take a look at the slideshow and let us know what you think on Twitter, Facebook or LinkedIn.

Meanwhile, here is a brief history of the site, courtesy of the state of California’s Department of Parks and Recreation.

 


Best Reuse/Rehab Project of the Year Winner: 100 Mayfield

Sep 25, 2015

When Rockwood Capital and Four Corners Properties paid $90 million for Mountain View’s old Mayfield Mall, they acquired an asset with a unique story arc.
The former mid-century shopping center went dark in the early 1980s, then found a new calling as an office building for Hewlett-Packard. By 2012, it had been vacant for years and was targeted for townhomes — something community members resisted.

But Rockwood and Four Corners figured the old building — Northern California’s first enclosed shopping mall — had at least one more life left.

Inspired by tech companies that prized huge floors and sustainability, they envisioned a rehab that would play up the building’s fantastic bones and scale while updating the facility for the way we work now.
“The biggest challenge, and later the biggest reward, was in our complete rethinking of a former shopping mall into an innovative, employee-centric office that retains much of the old character and uniqueness but adds the best of today’s workplace design,” said Jason Oberman, who led the project for Rockwood as a director there. (He’s now a partner with real estate firm Blox Ventures.)
The design team included Oberman, Four Corners’ Bruce Burkard, landscape architect Rene Bihan of SWA and architect Ted Korth of Korth Sunseri Hagey. Their big idea: Play off the building’s industrial image, keeping much of what was there while opening it up and adding large outdoor gathering and recreation spaces.
The building’s concrete structure, brick cladding and rough window openings stayed. Tech tenants, the team figured, would love the up-to-19-foot exposed concrete ceiling heights and enormous floor plates (up to 175,000 square feet). A stunning central atrium, with light piercing all three stories of the main building, provided a focal point.

But spaces between and around the building — created as plazas for shoppers — were clearly concrete wastelands. The designers transformed these areas into “outdoor conference rooms” and tree-lined work pods.

In addition, new windows freshened the façade, and the garage was cut back to allow more light into the office space while creating a new outdoor courtyard. The design also saved a redwood grove and turned a forgotten sculpture by modernist Charles Ginnever into a prominent focal point.

One thing designers didn’t do: Try to make it perfect. “Tenants prefer an environment with character and useable indoor/outdoor space,” Oberman said. “Rough chipped concrete, COR-TEN steel panels, industrial windows, exposed bolts and so on — that continues to make 100 Mayfield a very unique and desirable workplace.”

Oberman said the project exemplifies the growing trend of adaptive re-use as less and less land is available to build new in Silicon Valley.

“It’s a great forward example of what can be done with existing structures, whether industrial or retail or old offices, and it’s been studied and discussed quite a bit,” he said.

“Rethinking these existing spaces is exhilarating and rewarding, and employees really love working in a place that has character and history and a story behind it.”

The ending to the story so far provides a nice case study of Silicon Valley’s ability to reinvent itself. Google Inc., which leased the property in 2013 for its Google X skunkworks division, moved in earlier this year.

Nathan Donato-Weinstein covers commercial real estate and transportation for the Silicon Valley Business Journal.


Irvine Co. makes another Santa Clara move

Oct 13, 2014, 3:01pm PDT

I pride myself on keeping close tabs on Irvine Co.’s Silicon Valley moves, but every once in a while a deal slips by.

Well, that just happened. In mid-September, Irvine quietly picked up 3175 Bowers Ave., a 90,000-square-foot research-and-development building just south of Irvine’s under-construction megaproject, Santa Clara Square.

That might raise the question of whether Newport Beach-based Irvine Co. is looking to expand Square, but I’m told this property isn’t going to be redeveloped anytime soon. Indeed, the seller, a joint venture of Four Corners Properties and Westbrook Partners, gave the building a top-to-bottom renovation last year, and Irvine is focused on leasing it out for the foreseeable future. The building, constructed in 1979, got a new glass facade and entry lobby, a basketball half-court and shower facilities.

Irvine’s acquisition and development moves are closely watched because the company has shown a knack for making the right bets. Its 900,000-square-foot Santa Clara Gateway project on the north end of Great America Parkway is more than half leased, and its even larger Santa Clara Square landed a huge win earlier this year with a 410,000-square-foot Ericsson lease.

“We acquired 3175 Bowers as part of the Irvine Co.’s long-term investment in Santa Clara and plan to operate the property within our Silicon Valley office portfolio,” Hanns Lee, regional senior vice president, told me in an email. “We already are seeing strong leasing interest in 3175 Bowers, which will benefit from a gateway location next to our Santa Clara Square specialty retail and office workplace that is being created just across the street.”

For the record, this was probably not a bad deal for Four Corners and Westbrook.The joint venture paid $7.6 million for the project back in April of 2011, according to title records, and pumped an undisclosed sum into the rehab. The sale to Irvine? Public records peg the trade at $32.15 million, or $357 per square foot.

Meanwhile, Irvine is well under construction on Santa Clara Square. It’s the company’s most ambitious office project in the Valley, with more than 1.2 million square feet. Irvine is now building the first phase of the office development. A 125,000-square-foot retail center — which may include a Whole Foods — is also in development.

Nathan Donato-Weinstein covers commercial real estate and transportation for the Silicon Valley Business Journal.


Clarion Partners Buys Santa Clara Office/R&D Building for $26MM

By Jon Peterson

New York City-based Clarion Partners has paid just over $26 million or $316 per square foot to buy the 82,278 square foot 2901 Patrick Henry office/R&D building in Santa Clara, according to sources familiar with the transaction.

“We are very pleased with this investment to our Silicon Valley portfolio. We believe that the quality of this property and its excellent location and strong tenancy coupled with strong demand this submarket is experiencing make it an ideal addition,” says Richard Pink, a managing director with Clarion. He works out of the company’s regional office in Los Angeles.

He thinks that there is a lot of action happening in Santa Clara. “The tightest of some of the other markets in Silicon Valley like Sunnyvale and Cupertino is creating tenant demand for Santa Clara. This coupled with the new 49ers football stadium and new retail and office developments happening in the region is making Santa Clara an attractive market,” said Pink.

Another factor is the dwindling supply of single-story office product in the area. “Some of this space is being renovated and converted to other uses including apartments. This makes the product that is left more attractive to own,” said Pink.

The acquisition by Clarion has yielded a cap rate in the high six percent range, according to sources aware of this sale. This return is based on the property’s existing net operating income.

The property was sold by San Francisco-based Four Corners Properties. The real estate firms traded the asset through its listing agent, Steve Hermann, executive managing director and principal with Cassidy Turley Commercial Real Estate Services in its San Francisco office. The seller had owned the property since 2011 when it was acquired from Campbell-based South Bay Development Company. The purchase price at that time was $13.6 million or $165 per square foot.

Four Corners did not respond to phone calls for this story. According to its Web site, the company acquired the property with its equity partner, New York City-based Westbrook Partners.

There are two tenants in the single-story office/R&D asset making it a fully leased property. One of them is for 50,500 square feet is the DataDirect Networks. The privately-held data storage infrastructure provider signed a lease for the space in April of 2013, according to data supplied by Cassidy Turley. This tenant had moved from Sunnyvale’s Moffett Park to the new location.

2901 Patrick Henry Drive was built in 1977. It was substantially renovated in 2013 with $2.8 million invested in property improvements including a new lobby, new HVAC units and updated interior and exterior renovations. The property features floor-to-ceiling windows, an outdoor dining patio and almost 14.5-foot ceilings.

Clarion has now acquired two properties in Silicon Valley this year. In January it paid $27 million to acquire the 93, 385 square foot Arques Business Park in Sunnyvale.

The real estate investment firm continues to look for new investment opportunities in San Francisco and Silicon Valley. This could include all four of the main property types.


Rockwood Capital and Four Corners Properties Acquire Office Property in Sunnyvale’s Moffett Park

Press Release | Thu Mar 13, 2014 6:25pm EDT

Rockwood Capital and Four Corners Properties announced today the acquisition of 215 Moffett Park Drive in Sunnyvale, CA from Applied Micro Circuits Corporation for $40.8 million.

The 155,000 square foot office property is centrally located with prominent signage along the CA-237 freeway. The Rockwood and Four Corners joint venture plans to reposition the property to create a Class “A” office complex. The two-story building, with 77,500 square foot floor plates and concrete ceilings and floors, can accommodate large tenants that increasingly want open floor plans for social and collaboration space. The property also boasts 17 foot high ceilings, an impressive 35 foot tall lobby, and expansion potential for tenants.

Jason Oberman, Director at Rockwood, said, “This property exemplifies Rockwood’s investment strategy of acquiring unique assets in evolving innovation centers. 215 Moffett Park Drive sits in the center of one of the most dynamic regions in the world and is surrounded by pioneering companies as well as the NASA Ames Research Center.”

Bruce Burkard, Founding Partner of Four Corners Properties, said, “We like how centrally located the property is, which allows companies to attract employees from a wide range of geographic areas. We are seeing a tremendous amount of tenant demand for high quality real estate and anticipate that repositioning the property into a Class “A” office complex will be well received.”

Rockwood and Four Corners’ recent noteworthy investments in the area include: 100 Mayfield, the 500,000 square foot office property that was transformed from the former Mayfield Mall (Mountain View); 410-430 N. Mary Avenue (Sunnyvale), a 350,000 square foot office campus; and 590 E. Middlefield, a 100,000 square foot office development.

About Rockwood Capital, LLC

Rockwood Capital, LLC is a real estate investment firm that provides equity capital combined with real estate expertise for repositioning, recapitalization, development and redevelopment of retail, hotel, residential, office and research and development space in key markets throughout the United States. Since 1990, Rockwood and its principals have invested on behalf of their clients approximately $15.4 billion of real estate through nine value-add vehicles and three separate accounts. Rockwood’s investors include public and private pension funds, endowments, foundations, insurance companies, fund of funds, high net worth individuals and family offices.

About Four Corners Properties

Four Corners Properties is a privately held, full service real estate investment and operating company with offices in San Francisco and Silicon Valley. The company focuses primarily on value-add, urban infill opportunities and development of commercial properties within Northern California. Since its inception in 2005, Four Corners Properties has completed the acquisition of 29 buildings totaling over 2.7 million square feet of office and R&D space, representing a total investment of approximately $600 million.

 


Rockwood Capital and Four Corners Properties Lease Office Campus to Google Inc. at the Former Mayfield Mall in Mountain View

Mountain View, CA (09/11/2013)

Google, Inc. (NASDAQ: GOOG) has signed a long-term office lease at the former Mayfield Mall in Mountain View, California with the property’s owners, a joint venture between Rockwood Capital, LLC and Four Corners Properties, LLC. The renovation to transform the property into a premier Class “A” Silicon Valley office campus has begun, with completion anticipated in 2014. The campus, located at 100 Mayfield Avenue, will consist of over 500,000 square feet of office space on 27.6 acres. This is the largest lease signed in Silicon Valley this year.
“The repurposing of the former Mayfield Mall will incorporate the property’s historic architectural elements and will utilize green building techniques, modern design, and advanced building technology.”

The property was originally constructed in 1966 as the Mayfield Mall, which was the first enclosed air-conditioned shopping mall in northern California. The Mayfield Mall was occupied by businesses including J.C. Penney, Wells Fargo Bank, the Mayfair Market grocery store, many smaller local shops, and a Greyhound bus terminal. The renovated buildings will incorporate historic elements from the property’s previous retail use into a modern state-of-the-art office campus. Among its features will be dramatic multi-story sky-lit atriums, LEED green building certification, outdoor congregation and amenity areas, gyms, abundant bike storage, and recycled outdoor furniture constructed from existing trees on the property. The campus is located in the heart of Silicon Valley in a mixed-use area with shops, restaurants, housing, and a planned hotel nearby. It is adjacent to the San Antonio Caltrain station, a 50-minute train ride to downtown San Francisco.

“The renovation of the Mayfield Mall into a premier office campus will be a catalyst for the transformation of an evolving mixed-use urban location that benefits from rail,” said Jason Oberman, Vice President, at Rockwood Capital. “The repurposing of the former Mayfield Mall will incorporate the property’s historic architectural elements and will utilize green building techniques, modern design, and advanced building technology.”

Bruce Burkard, Founding Partner at Four Corners Properties, said, “We are very excited to have signed a lease with Google to create a leading-edge office campus for such an innovative company.”

Kevin Cunningham and Jack Troedson of Cornish & Carey Commercial Newmark Knight Frank represented the landlord. Steve Berkman, real estate partner at Paul Hastings, represented the landlord in the lease negotiation.

Note: Historical photos, interior photos, and artist renderings of the property are available for download at: http://ologroup.com/mayfieldmall/

About Rockwood Capital, LLC
Rockwood Capital, LLC is a real estate investment firm that provides equity capital combined with real estate expertise for repositioning, recapitalization, development and redevelopment of retail, hotel, residential, office and research and development space in key markets throughout the United States. Since 1990, Rockwood and its principals have invested on behalf of their clients approximately $14.6 billion of real estate through nine value-add vehicles and three separate accounts. Rockwood has offices in San Francisco, CA, White Plains, NY, and Los Angeles, CA, and manages a portfolio of approximately $2.9 billion of net equity value in approximately $7.0 billion of gross real estate value. Rockwood’s investors include public and private pension funds, endowments, foundations, insurance companies, fund of funds, high net worth individuals, and family offices.

About Four Corners Properties
Four Corners Properties is a privately held, full service real estate development, investment and operating company with offices in San Francisco and Silicon Valley. FCP focuses primarily on value-add, urban infill opportunities of commercial properties within Northern California. Since its inception in 2005, FCP has completed the acquisition of 29 buildings totaling over 2.7 million square feet of office and R&D space, representing a total investment of approximately $600 million.

About Cornish & Carey Commercial Newmark Knight Frank
A dominant regional real estate force since 1935, Cornish & Carey Commercial Newmark Knight Frank has an expansive reach as part of one of the largest commercial real estate service firms in the U.S. Regionally, Cornish & Carey Commercial Newmark Knight Frank has more than 310 agents in 13 strategically located offices throughout Northern California, creating a powerful platform from which to deliver superior services locally, while upholding its core values of integrity and knowledge. For further information, visit www.ccareynkf.com.

About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) is one of the world’s leading commercial real estate advisory firms. Together with its affiliates and London-based partner Knight Frank, NGKF employs more than 11,000 professionals, operating from more than 340 offices in established and emerging property markets on five continents.

With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. Its integrated services platform includes leasing advisory, global corporate services, investment sales and capital markets, consulting, program and project management, property and facilities management, and valuation services. A major force in the real estate marketplace, NGKF serves the local and global property requirements of tenants, landlords, investors and developers worldwide. For further information, visit www.ngkf.com.

NGKF is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.