Legacy buys Silicon Valley office complex for $126m

The Hamilton Plaza office complex in California’s dot-com district has traded hands amidst continued interest in the area’s property market.

US investment group Legacy Partners has purchased the 355,000-square-foot Hamilton Plaza office complex for $126 million (€85 million) from California-based real estate investment company Seagate Properties, according to a press report. Seagate sold the property on behalf of the Ohio State Teachers Retirement System.

Located on 900-910 East Hamilton Avenue in the city of Campbell, the property comprises two six-story Class A office buildings and also features a landscaped courtyard, fitness center and underground parking.

California’s Silicon Valley real estate market has seen continued investor interest over the past year. Late last year, the real estate investment arm of Bahrain-based Investcorp partnered with California-based Bixby Land Company to target investments in the region. The joint venture will focus on the acquisition of office and research and development properties in the area.

In 2006, private equity real estate firm Starwood Capital acquired the Pacific Shores Center office park from Walton Street Capital and San Francisco-based developer Jay Paul. The 1.7-million-square-foot Pacific Shores complex in Redwood City comprises 10 office buildings as well as a 50-acre park with walking trails and athletic fields and a 38,000-square-foot-gym.