New York Life Real Estate Investors Closes on the Disposition of Concourse Technology Center in San Jose, California
New York, January 29, 2016—New York Life Real Estate Investors announced today the disposition of Concourse Technology Center, a 110,148 square foot research and development (R&D) office property located in San Jose, California. The property is situated within the International Business Park area of San Jose which provides more than 11 million square feet of R&D, light industrial, laboratory and other business properties.
The property was acquired in late 2013 on behalf of the McMorgan Northern California Value Add/Development Fund, which is co-managed by McMorgan & Co. and NYL Investors, a wholly-owned investment management subsidiary of New York Life Insurance Company. With help from Mike Rosendin and Craig Fordyce of Colliers International, occupancy was quickly stabilized at 100 percent after the completion of a number of capital improvements. Disposition occurred at a price approximately 60 percent greater than the Fund’s acquisition basis after owning the asset for a little over two years.
The sale of Concourse Technology Center represents the first concluded investment for the McMorgan Northern California Value Add/Development Fund. In 2015, the Fund also acquired Ridder Park Technology Center and 2665 North First Street, two other San Jose office properties.
“Quality execution on many fronts resulted in the sale of Concourse Technology Center,” said Ross Berry, senior director at New York Life Real Estate Investors. “We are grateful for the representation by our leasing agents and our disposition agents from both Colliers International and CBRE.”
About New York Life Real Estate Investors
New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly-owned subsidiary of New York Life Insurance Company. Please visit New York Life Real Estate Investors’ website at http://www.newyorklife.com/realestateinvestors for more information.
New York Life Real Estate Investors is a full service, fully-integrated real estate enterprise with more than 100 professionals. The division has market-leading capabilities in origination, underwriting, and investment in real estate equity products and related debt, including real estate equity investments, commercial mortgage loans, commercial mortgage backed securities, and unsecured REIT bonds. With over $45.6 billion in assets under management as of December 31, 2015, New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.
About New York Life
New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States* and one of the largest life insurers in the world. New York Life has the highest possible financial strength ratings currently awarded to any life insurer from all four of the major credit rating agencies: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).** Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life Investments*** provides institutional asset management. Other New York Life affiliates provide an array of securities products and services, as well as retail mutual funds. Please visit New York Life’s website at www.newyorklife.com for more information.
*Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/15/15. For methodology, please see http://fortune.com/fortune500/.
**Individual independent rating agency commentary as of 8/11/15.
***New York Life Investments is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary, New York Life Investment Management LLC.
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