Case Study

Summary

Oak Creek Technology Centre is a one and two-story Office/R&D complex of 192,604 square feet in four buildings, all located on adjacent parcels in the Oak Creek Business Park within the “Golden Triangle” of Silicon Valley. The concrete tilt-up buildings were all built in 1982 and sit on 12 acres of land.

Situation

  • Purchased the project 100% vacant from Carlyle Group in 2007.
  • Having been vacant for some time, the buildings (one of which was in shell condition) required significant capital to address deferred maintenance items in addition to market ready work.
  • The vacancy, at the time, represented a significant value creation opportunity.

Results

  • Following acquisition, Orchard Partners commenced a capital plan, which consisted of upgrading various building systems, repairing and replacing roofs, upgrading the building lobbies and modernizing the façades and general appearance of the 80’s vintage buildings.
  • Additional work included new ceilings, lighting, restroom finishes and landscaping.
  • 1561 Buckeye was successfully leased in 2008 to Proxim Wireless, a wireless networking technology company.
  • The project was sold in 2009 to an investor.