The Landing at Great America is a 225,000 square foot, six-story office building at the southwest corner of Great America Parkway and Highway 237. The project was the final phase of an existing 307,000 square foot office complex.
Situation
In 2005, Prudential acquired an existing 307,000 square foot Office/R&D project which had an expiring entitlement for development of an additional 225,000 square feet.
In 2007, Orchard and Prudential formed a joint venture in which Orchard would act as development partner to design, entitle, and develop the final phase of the project.
The new project would be responsible for providing its own parking as well as replacing the parking displaced by the new building.
Results
Orchard successfully negotiated two five-year extensions to the Development Agreement with the City of Santa Clara, extending the entitlement for the final phase of the project to 2017.
Working with architects and consultants, Orchard conceived and designed a high identity, six-story, steel frame building with an exterior skin of high efficiency glass, precast concrete, and metal panel. The building rests on a podium on top of underground parking.
In 2012, a change in investment strategy dictated a sale of the entire property prior to development of the final phase. Orchard helped Prudential run the disposition process and realize a substantial gain based on the entitled development project.
