February 10, 2016
Lincoln Property Co. has joined forces again with Gemdale Corp., one of China’s largest developers, to acquire 21.5-acres of land approved for four buildings and up to 415,000 square feet of office space in north San Jose. The land acquisition reportedly closed in the $30-per-foot range, making it a roughly $28-million transaction.
Construction on Midpoint@237 is expected to begin in 2Q 2016. The project will include two- and three-story steel-and-glass buildings, with surface parking. It is expected to offer a compelling “value” play for status-conscious tech users, seeking new space and competition for renovated office space.
CBRE’s Rob Shannon and Mike Benevento represented the buyer. The sellers, Trammell Crow and Principal, were represented by Shannon and Christian Marent, also of CBRE.