These two trophy five-story buildings are fully leased to semiconductor and infrastructure software company Broadcom until 2037. One of the world’s largest designers, developers and manufacturers of such products, their 2019 revenues exceeded $22 billion. Orange County is one of the nation’s most sought-after live–work locations, and this corporate headquarters is ideally located in the Irvine Spectrum Corridor — at the point where I-405 and I-5 converge — in the Five Point Gateway Campus. Adjacent to City of Hope’s new cancer research facility and hospital project, it’s surrounded by more than 10,500 dwelling units, 120 retailers and 40 restaurants in the Great Park Neighborhoods. This project has an absolute NNN lease with very limited landlord capex exposure.
This tenant-tailored building serves as a business center and high-tech lab space, which houses divisions of 3M’s electrical markets and electronics materials solutions business units. 3M is an iconic, international Fortune 100 technology company that’s been in operation for more than 100 years. It holds a high investment-grade corporate credit rating from all three major U.S. ratings agencies (S&P: A+) The company has more than 14 years of its lease term on the campus remaining. Austin is ranked first out of 80 U.S. cities for its overall real estate prospects in 2020 by ULI and PwC, and boasts both a young and creative workforce and a business-friendly state government. The building itself is located within Parmer Innovation Center, a growing corporate park that houses several Fortune 500 tenants — including Apple, General Motors, Facebook and The Home Depot. Parmer Innovation Center has transformed into a vibrant 24/7 live–work–play district with several amenities under construction or planned including restaurants, hotels, an outdoor music venue and a training facility for Austin’s new Major League Soccer team.
Located in the premier SoMa submarket within San Francisco, the headquarters for the San Francisco District Attorney’s Office is in close proximity to world-renowned technology firms like Uber, Airbnb, Dropbox, PayPal, Zynga and more. San Francisco is one of the most desirable office markets, with a vacancy rate of 3.2% and 10-year compounded annual rent growth rate of more than 11%. It’s also within walking distance to public transit options including BART, CalTrain and MuniMetro. This asset is fully leased to investment-grade tenants — the City & County of San Francisco (98%) and Starbucks (2%) — with 14 years of weighted average remaining lease terms
Located in the Dallas–Fort Worth metroplex, this property features user-friendly amenities like a large food hall, fitness center, day-care facilities and a six-story parking deck offering an above-market parking ratio 5.0/1,000 SF. It’s 100% leased to Pioneer Natural Resources (NYSE: PXD) for 20 years with no termination options. Pioneer carries a “BBB” credit rating by S&P, with $9.4 billion in revenues in 2018, a market capitalization of more than $22 billion (November 2019) and a 19.3% debt-to-equity ratio. 777 Hidden Ridge is only 9 minutes (7 miles) from Dallas–Fort Worth International Airport and 20 minutes (19 miles) from Dallas CBD. The $1 billion mixed-use development Hidden Ridge will soon get its own DART station, expected to begin serving passengers in 2021.
Two Washingtonian is an in-process redevelopment project for Leidos’ long-term tenancy through 2032, which will provide 13 years of uninterrupted cash flow. This property is strategically situated in a dynamic, mixed-use submarket that features excellent transportation options, as well as immediate walkable access to premium retail, dining and residential units. The adjacent RIO Lakefront shopping mall offers 716,000 SF of open-air, urban-style lifestyle amenities that cater to employees’ needs – as well as a walking trail.