Graymark Capital Buys Bay Area Office Building
The Class B asset completed in 1980 is fully leased to Apple and changed hands for more than $45 million.
785-787 N. Mary Ave.
Deerfield Realty has sold a 78,667-square-foot Class B office asset in Sunnyvale, Calif., to Graymark Capital for $45.3 million, according to Yardi Matrix. The two-story building is fully leased to Apple. Deerfield had owned the asset since June 1990, when it purchased the structure from a private investor.
Located at 785-787 N. Mary Ave., the building is situated alongside Irvine Co.’s 1.1 million-square-foot Pathline Park office development, which currently has 382,100 square feet under construction. The property is a short drive from both the Bayshore and Southbay freeways, 10 miles northwest of downtown San Jose.
“The location fits our criteria of being near a highly educated workforce which attracts Fortune 500 tenants,” said Brian Hecktman, CEO of Graymark Capital, in a prepared statement. “In this case, we are within miles of major campuses for the largest technology firms in the world.”
Cushman & Wakefield’s Tucker Beim acted on behalf of the owner in the acquisition. Earlier in February, a different Cushman & Wakefield team represented both buyer and seller in a $63 million transaction 9 miles southwest of Graymark’s new property.
Image courtesy of Yardi Matrix
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