employees are able to work in any location within the campus
they feel most comfortable at any time of day. Along with a host of
amenities, the 316,000-sf project offers employees an open, inter-connected work-play experience unusual in an office park. Each
building creates an “edge” of a campus “triangle,” surrounding a
33,500-sf courtyard featuring a performance stage, bocce ball
court, herb garden, fitness area, restaurant and a café.
With its environmentally progressive design, the i3 campus is
on track to earn LEED Platinum certification for core and shell
and LEED Gold certification for interiors. Among the features
are green roofs atop all three buildings with heat- and drought-tolerant native plants that regulate temperatures inside, on-site
fuel cells generating efficient, clean energy with low emissions
and an on-site bio-filtration system. Wall-to-ceiling glass also capitalizes on views to the surrounding mountains while infusing the
interior space with natural light.
In addition to BioMed and design and interior architect
Perkins+Will, the project team included general contractor
McCarthy; EXP as mechanical, electrical, lighting and plumbing
engineer; structural engineer Hope-Amundson; acoustical
designer Mei Wu Acoustics; the Office of James Burnett, landscape architect; and civil engineer Latitude 33.
TRANSFORMATION NEEDS TENACITY & TIME
Even the most ambitious projects require dedication and perseverance to get off the ground. Last year, the teams behind two
major developments on opposite sides of the country showed
they had the tenacity necessary to bring their plans to fruition.
The team behind Liberty Village put in a significant amount of
effort going through the necessary steps to build the $30-million,
24-acre complex of retail, office and residential units in
Alpharetta, GA. After months of work, the brokerage team from
SRS Real Estate Partners last December secured the 32 parcels of
land required for the project, negotiating with 18 different sellers
in a traditionally residential area. They also secured a new developer after the first balked at the required commitment.
Rezoning the land took eight months and two separate hearings in a historically stringent municipality. The team, which
included SRS, JWB Realty Services LLC and Cheeley Investments,
also began pre-leasing the specialty retail portion and arranging
the sale of 15 acres to a luxury residential developer.
SRS co-market leaders Scott Tiernan, SVP, and Ray Uttenhove,
EVP, handled landlord representation, acquisitions sourcing, site
selection and land transactions. JWB’s president and managing
broker, J. William Butler, and Chris Massey, development & property Management, managed the deveopment; while Bob Cheeley
represented Cheeley Investments.
Meanwhile, a Los Angeles team stirred up excitement by securing the financing package needed to redevelop a pair of older,
underutilized manufacturing buildings into a creative office project that would greatly add to the local market.
Dekel Capital and George Smith Partners closed a deal last
December that secured $80 million in debt and $42 million in JV
equity for the redevelopment of the 108-year-old Dearden’s
department store, along with the Norton Building, an adjacent
clothing manufacturing structure. The 250,000 square foot project will help further catalyze the LA Fashion District’s transition
into a hub for fashion design and retail show rooms, rather than
“mart” space and manufacturing.
The sponsors, ESI Ventures and Urban Offerings, were already set
to renovate the Norton when Dearden’s came up for sale last summer. And because a number of potential equity groups were concerned about two similar projects so close to one another, Norton
was included in the total capitalization of the Dearden transaction.
Dekel’s Shlomi Ronen and Max Friedman, along with GSP’s
Malcolm Davies, advised the project sponsors. Brandon
Wolsic and Dean Nucich represented ESI and Urban Offerings,
LEAPING HURDLES TO GIVE BACK TO VETERANS
A 67-unit, 100-percent affordable housing community providing
independent living for a mix of low-income individuals and
extremely low-income special needs veterans got $17 million in
financing as part of a package that included government tax credits and municipal contributions to the financing package.
The Eagle Park Apartments is the first affordable housing
development in Mountain View to set aside units specifically for
military veterans, a significant population since 42% of all unsheltered veterans in the US are in California. (In 2016, San Jose and
the Santa Clara County region had 701 homeless veterans.)
Palo Alto Housing, which failed to gain approval for such housing in its host city, expanded its sights to possible development
outside of Palo Alto, to produce more inventory in a regional
3 Illuminata Campus
Eagle Park Apartments