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Augustine Business Park

Located in Santa Clara, California, the Augustine Business Park consists of four buildings totaling just under 250,000 square feet. When Orchard Commercial was brought on board in 2004, one building was in shell condition, another held an abandoned telecommunications facility, and two others housed tenants on short-term leases. Orchard assessed Silicon Valley market conditions—which had already seen steep declines by that time—and recommended modest improvements that would attract new tenants.

Challenge

Maximize the value of the properties to attract credit tenants and buyers while minimizing costs.

Execution

  • Renovated the empty shell with versatile office space that could support either separate tenants on the two floors or a single occupant for the entire building. Along with private offices, added lab space, a lobby, kitchens, and HVAC systems.
  • Made minor cosmetic and systemic improvements to the other buildings.
  • Enhanced the landscaping surrounding the complex.
  • Held a brokerage open house with CPS CORFAC as soon as construction was completed.

Results

A single lessee, R2/Hologic, was procured for the entire 40,000-square-foot building, transforming a vacant building into a productive high-technology commercial office. The abandoned telecommunications facility was sold to a developer for conversion to office space. Remaining buildings in the complex were placed on the market.

"Building out the empty space was the secret to leasing this building. Tenants may want to customize a space, but they often don't have the vision, time, or expertise to cost-effectively manage the project. Orchard had the expertise and the team to get it done quickly."
—Erik Hallgrimson, Exclusive Leasing Agent, CPS CORFAC International