Press Release
TCC and Principal Real Estate Investors Break Ground on MidPoint@237
December 7, 2015
Media Contact
Cynthia Langhorst
Global Head of Communications
1 MSF Business Park Features Three Spec Advanced Manufacturing Buildings
SAN FRANCISCO, CA – Trammell Crow Company (TCC), one of the nation’s leading developers and investors in commercial real estate, and joint venture partner Principal Real Estate Investors, announce that construction has commenced on MidPoint@237 in North San Jose, CA. The initial project will consist of three, Class A advanced manufacturing buildings, totaling approximately 600,000 square feet. The buildings will be constructed simultaneously and are scheduled for completion in Q3 2016. The venture has also designed four, Class A Office/R&D buildings, totaling approximately 400,000 square feet, with construction anticipated to start early 2016.“We are very excited to be working with Principal Real Estate Investors and the City of San Jose on an advanced manufacturing opportunity of scale in the Bay Area,” said Will Parker, Principal with Trammell Crow Company’s Northern California Business Unit. “We believe this is a dynamic solution for corporate users in a core location where industrial inventory is being removed from the building base.”
The new state-of-the-art advanced manufacturing project occupies a rare infill site located at the top of Silicon Valley’s Golden Triangle, visible to Highway 237 and minutes to both Moffett Park and Interstate 880. This central location facilitates easy access both to the San Francisco Peninsula and to the 880 Corridor leading to the Port of Oakland. MidPoint@237 is the only available advanced manufacturing site of this magnitude in Silicon Valley. The project will have prominent entry features, interiors to suit, 28’ clear heights, significant power, ESFR sprinkler systems, and is designed to achieve LEED® Silver certification.
“San Jose has become the nation's premier destination for advanced tech manufacturing and high-value fabrication. MidPoint@237 will provide the state-of-the-art facilities that Silicon Valley manufacturers require for full-scale production of next-generation products,” said Mayor Sam Liccardo. “I thank Trammell Crow Company and Principal Real Estate Investors for their investments in North San Jose, and look forward to working with them on growing our manufacturing sector.”
Assistant Managing Director, Mike Benson stated,” Principal Real Estate Investors is excited about bringing much needed State of the Art Advanced Manufacturing space to a market that has been underserved for years.” Additionally, Mr. Benson stated, “This development represents our continued long term partnership with the Trammell Crow Company across the US.”
The project is being marketed by Rob Shannon (San Jose) and Chip Sutherland (San Jose) of CBRE.
About Principal Real Estate Investors
Principal Real Estate Investors manages or subadvises $61.3 billion in commercial real estate assets. The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.
About Trammell Crow Company
Trammell Crow Company (TCC), founded in 1948, is one of the nation’s leading developers and investors in commercial real estate. The Company has developed or acquired nearly 2,600 buildings valued at nearly $60 billion and over 540 million square feet. As of September 30, 2015, TCC had $6.7 billion of projects in process and $4.0 billion in its pipeline.
Trammell Crow Company’s teams are dedicated to building value for its clients with professionals in 16 major cities throughout the United States. The company serves users of and investors in office, industrial, retail, healthcare, multi-family residential, through its operating subsidiary High Street Residential, and mixed use projects. For those who occupy real estate, TCC can execute the development or acquisition of facilities tailored to meet its clients’ needs. For investor clients, the company specializes in joint venture speculative development, acquisition/re-development ventures, build-to-suit development, or providing incentive-based fee development services.
TCC is an independently operated subsidiary of CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, and the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). For more information visit www.TrammellCrow.com.
Trammell Crow Company
Trammell Crow Company (TCC) is a global commercial real estate developer and wholly-owned subsidiary of CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas. Founded in 1948, TCC has developed or acquired nearly 2,900 buildings valued at $75 billion and over 655 million square feet. As of September 30, 2024, TCC had $19 billion of projects in process and $13.4 billion in its pipeline. With 575 employees throughout the United States and Europe in 26 offices, the company serves users of and investors in office, industrial/logistics, healthcare, life science, data center and mixed-use projects, as well as multi-family residential through its operating subsidiary High Street Residential. For more information visit www.TrammellCrow.com.