Java @ Geneva Drive is comprised of one single-story office/R&D building, consisting of 51,017 total square feet located on a single 3.4 acre parcel. The property was built in 1977 and is located within the desirable Moffett Park submarket of Sunnyvale.
Orchard Partners purchased the property in 2011 in an off-market transaction.
At the time of acquisition, the property was 78% leased to two tenants: Equinix, a data center operator, and enVie Interactive, a social gaming start-up, both at significantly below-market rents.
Both in-place leases were set to expire within 6-18 months, but with Equinix holding two consecutive 1-year options, also at significantly below-market rates.
Upon closing, Orchard Partners began a capital improvement plan, consisting of “market ready” work on the vacant unit, updating the landscaping and entry systems, refreshing the overall appearance and visibility of the property.
In late 2011, Equinix and EnVie notified ownership that it would not be exercising its fixed-rate options, thus allowing ownership to realize market value for the space more quickly than anticipated.
While in the planning stages of a further 'market ready' improvement program to capitalize on the full building availability, Orchard Partners received an unsolicited offer from a user which would allow an early exit of the asset at a substantial profit. The sale closed in August, 2012.