March 28, 2019 Comments Off on Principal Real Estate Investors, SteelWave Snag Sunnyvale Development Site Views: 1887 Bay Area, California News

Principal Real Estate Investors, SteelWave Snag Sunnyvale Development Site

A joint-venture between Principal Real Estate Investors and SteelWave, LLC purchased 285 Sobrante Avenue in Sunnyvale, CA and plan to develop a 125,000-square-foot Class A office building. The Central Station project is planned for LEED Gold and will incorporate floor-to-ceiling glass, large floor plates, balconies, multiple patios, a lobby bar, and outdoor amenities, including a BBQ and bar area, fire pits and outdoor games.

SteelWave’s Steve Dunn says, “Companies continue to compete fiercely for the best talent, and the easy access to Caltrain and downtown amenities allows a company to significantly extend their reach for high-demand workers, a genuine competitive advantage in these conditions.”

Currently, two multi-tenant industrial buildings sit on the property. The project is slated to deliver in Q4 2020. The site is near the Sunnyvale Caltrain Station, and offers access to multiple freeways, restaurants, hotels and housing. An adjacent parcel could also accommodate an additional 135,000 square feet of office space.

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