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Report: Mountain View, Calif., mixed-use property sells for $170M


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Report: Mountain View, Calif., mixed-use property sells for $170M

Developers Calvano Development Co. and Carlyle Group sold a 7.15-acre property that includes a building let to Alphabet's Google Inc. unit in Mountain View, Calif., for close to $170 million, according to the Silicon Valley Business Journal, which cited Santa Clara County public documents.

The building also has the potential to offer up to 303 new residential units.

A limited liability company affiliated with San Francisco-based Stockbridge Capital bought the property in the Terra Bella neighborhood, for a per-square-foot price of $1,525, when counting the office building alone.

Google is understood to have initially signed a lease for the newly completed four-story building, spanning 111,433 square feet at 1001 North Bayshore Blvd., in 2015. Under the agreement, the technology giant is expected to occupy the premises for 12 years, with extension options for up to 14 additional years.

On the land surrounding the Google-leased building, Calvano and Carlyle proposed to build two new seven-story residential buildings in 2017, one of which would offer 203 apartments, while the other would include 100 condominiums. The development, The Residences at Shoreline Gateway, will additionally offer a six-story parking structure, the publication noted, citing Santa Clara County city documents.

The duo has "gatekeeper approval" from the city of Mountain View, the publication noted, adding that it did not mean that the project is cleared for development.