News

Harvest Properties & Invesco Real Estate Acquire Premier Silicon Valley Development Site

±540,000 New State of the Art Sunnyvale Class “A” Office Campus to
Break Ground Immediately

OAKLAND, Calif.–(BUSINESS WIRE)–A joint venture between Harvest Properties, a full service commercial
real estate investment, development and management firm (“Harvest”), and
its longtime partner Invesco Real Estate, a global real estate
investment manager (“Invesco”), has acquired a three-building class “A”
office development site in the heart of Sunnyvale, one of Silicon
Valley’s most active submarkets. This acquisition marks the eighth joint
venture that Harvest and Invesco have completed together.

The fully entitled, shovel-ready development is located in Sunnyvale’s
desirable Peery Park, just minutes from Downtown Sunnyvale, less than
one mile to Caltrain and with convenient freeway access to both Highways
101 and 237. The project totals approximately 540,000 square feet across
three buildings and can be delivered in phases, allowing a tenant the
unique opportunity to synchronize their growth plans with the
commencement of occupancy. The partnership intends to break ground
immediately and it anticipates it will deliver the first building,
located at 684 W. Maude Avenue and containing approximately 190,000
square feet, in the third quarter of 2020.

This development represents an incredible headquarter campus
opportunity that will exceed the demands of today’s corporate users,”
said Preston O’Connell, partner at Harvest Properties. Blair Volckmann,
partner at Harvest Properties, added, “We will deliver a project that is
best-in-class new construction with prominent identity, flexible
scalability, and proximity to both an array of amenities and major
public and private transportation hubs.”

The project sits at the epicenter of Silicon Valley’s business
community and will allow a future tenant access to the world’s best
technology and innovation labor force. This is the very reason that its
corporate neighbors include LinkedIn, Apple, Walmart.com, Microsoft,
Nokia, Riverbed, Alibaba.com, Proofpoint, Synopsys, Twitter, and 23&Me,”
said Invesco’s Director of Acquisitions, Rohullah Sharifi.

About Harvest Properties

Harvest Properties is a vertically-integrated, full-service commercial
real estate investment firm that specializes in the acquisition,
repositioning, entitlement, development, management and financing of
commercial property, primarily through joint-venture investments in
Northern California. Over the last decade, Harvest has become an
established leader in the marketplace by generating attractive returns
for its financial partners, providing creative solutions and outstanding
service. Harvest Properties’ portfolio comprises approximately ten
million square feet of office, industrial, R&D and retail properties in
the San Francisco Bay Area. For more information, please visit www.harvestproperties.com

About Invesco Real Estate

Invesco Real Estate is a global leader in the real estate investment
management business with $65.6 billion in real estate assets under
management, 496 employees and 21 regional offices across the U.S.,
Europe and Asia (as of 12/31/18). Invesco Real Estate has been actively
investing in core, value-add and opportunistic real estate strategies
since 1992. Invesco Real Estate is a business name of Invesco Advisers,
Inc., an indirect, wholly owned subsidiary of Invesco Ltd. Invesco Ltd.
is an independent investment management firm dedicated to delivering an
investment experience that helps people get more out of life. NYSE: IVZ; www.invesco.com.

Contacts

Kathryn Collins, Partner
Harvest Properties
(510) 808-5230
kcollins@harvestproperties.com

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