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Lane Partners sells San Jose, Calif., office park for $105M

Lane Partners sold the six-building Orchard Commons research and development office park in north San Jose, Calif., to the State Board of Administration Florida for $105 million, the Silicon Valley Business Journal reported.

The value of the transaction, which was closed in July and confirmed by a spokesperson of the board, was not disclosed due to tax exemptions for government bodies; however, multiple industry sources confirmed it to be $105 million, the publication reported Aug. 10.

Lane Partners spent approximately $16.5 million to upgrade the nearly 22-acre asset in 2014. The campus was 84% leased at the time of the sale and is occupied by public companies such as General Dynamics, Verifone and Spirent Communications.