FREMONT — Two big buildings in Fremont have been scooped up by a veteran real estate firm from Beverly Hills in a deal that suggests investors still hunger for properties in Silicon Valley.
Kennedy Wilson has bought two large Fremont office buildings, one at 47200 Bayside Parkway and the other at 3500 W. Warren Ave., according to documents filed on April 2 with the Alameda County Recorder’s Office.
TA Realty sold the buildings, which are about 0.7 miles apart, the public records show.
An affiliate of Kennedy Wilson paid $32.3 million for the buildings, according to the Alameda County property records.
Brokers Steven Golubchik, Edmund Najera, Darren Hollak, and Jack Phipps of Newmark, a commercial real estate firm, arranged the purchase.
The transaction was an all-cash deal, the county documents show.
The just-purchased office buildings are of a type that could appeal to companies that seek to ensure their employees have plenty of access to elbow room amid ongoing concerns about the coronavirus.
“There is lasting strength in low-rise, low-density flexible commercial spaces, particularly as tenants seek out lower density layouts and single-entry offices in preparation for more comfortable working environments in a post-COVID world,” said Mary Ricks, president of Kennedy Wilson.
Intuity Medical, a life science medical device company, has its headquarters in the West Warren Avenue building, which totals 61,800 square feet. Mercury Systems, a defense and aerospace firm, leases the Bayside Parkway building, which totals 53,700 square feet.
The two buildings together total 115,500 square feet and were marketed as Fremont Research Center.
“Fremont Research Center presented an investor with the opportunity to acquire an asset with stable in-place cash flow,” Newmark broker Najera said.