A joint venture between Invesco Real Estate Harvest Properties and has acquired an office development site in Northern California.
The partnership has bought the 540,000sqft three-building asset in Sunnyvale for an undisclosed sum.
The joint venture expects to deliver the first 190,000sqft building, located at 684 W Maude Avenue in the third quarter of 2020.
Preston O’Connell, partner at Harvest Properties, said: “This development represents an incredible headquarter campus opportunity that will exceed the demands of today’s corporate users.”
Blair Volckmann, partner at Harvest Properties, said: “We will deliver a project that is best-in-class new construction with prominent identity, flexible scalability, and proximity to both an array of amenities and major public and private transportation hubs.”
Invesco’s director of acquisitions, Rohullah Sharifi, said: “The project sits at the epicentre of Silicon Valley’s business community and will allow a future tenant access to the world’s best technology and innovation labour force.”
This acquisition marks the eighth joint venture that Harvest and Invesco have completed together.