July 29, 2016 Comments Off on TMG, Fortress Divest Final Champion Station Assets for $122M Views: 480 Bay Area, California News, West

TMG, Fortress Divest Final Champion Station Assets for $122M

San Francisco-based TMG Partners and New York-based Fortress Investment Group sold its remaining three properties at Champion Station in North San Jose for reportedly $122 million. An institutional real estate investor, believed to be affiliated with Michael Milken, acquired the assets that total 287,371 square feet and are fully-occupied by Silver Spring Networks and ForeScout Technologies.

TMG and Fortress purchased the eight-building, 810,000-square-foot campus from Cisco Systems in 2013. Following a renovation, the project was reintroduced as Champion Station in 2014. Subsequently, four buildings were sold to an investor in late 2014, and a fifth building was sold to a corporate owner-user in May 2016.

TMG Partners’ David Cropper says it repositioned the mixed-use campus with “onsite improvements designed to encourage innovation, collaboration and healthy lifestyles.”

Eastdil Secured’s Jeff Weber, Greg Cioth, Mark Penrod, Andy Zighelboim and Tommy Kim represented both buyer, TCSP LLC, and seller.

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