NORTHRIDGE CAPITAL AND KAMCO INVEST KICK OFF 2020 WITH PURCHASE OF CLASS A CORPORATE HEADQUARTERS CAMPUS IN SANTA CLARA
WASHINGTON, Feb. 21, 2020 -- Northridge Capital, LLC and Kamco Invest announced the acquisition of The Campus at Lawson Lane – the Global Headquarters for ServiceNow, Inc. – located in Santa Clara, California, in the heart of Silicon Valley. The state-of-the art Class A office campus consists of three (3) buildings – two (2) five-story office buildings each comprised of approximately 155,000 square feet, and a three-story amenity building that offers a full-service cafeteria, gym facilities with daily fitness classes, and social gathering hubs for employees. This acquisition marks the third completed transaction between Northridge Capital, the Washington, D.C.-based real estate investment and asset management firm, and Kamco Invest, the Kuwait-based asset management and investment banking firm.
The Campus at Lawson Lane, the Global Headquarters for ServiceNow, Inc., is a state-of-the art Class A office campus consisting of three (3) buildings – two (2) five-story office buildings and a three-story amenity building.
The newly acquired corporate campus totals 328,867 square feet and is 100% leased to ServiceNow, Inc., offering more than 15 years of remaining lease term. ServiceNow, an Investment Grade-rated (S&P: BBB+) tenant, is a cloud company with a proprietary suite of applications that automates and standardizes workflow, processes and integration-related business activities for thousands of customers globally.
The Campus at Lawson Lane
was constructed in 2013 and features state-of-the-art architectural design, functional ±33,000 square foot floor plates, 14'-16' slab-to-slab heights, exterior terraces and both surface and structured parking. The Campus sits on 8.8 acres in a highly amenitized area of Santa Clara, just north of the Central Expressway and in the heart of Silicon Valley. The Campus is within three minutes walking distance of the Whole Foods-anchored Santa Clara Square retail center and five minutes from Lawrence Caltrain Station, which offers access to the rest of the Valley as well as San Francisco.
"We are thrilled to begin 2020 by purchasing another institutional, Class A office asset in partnership with Kamco Invest. We look forward to continuing to identify and acquire similar high quality assets and aim to significantly expand our portfolio in the coming months and years, with a focus on both gateway and secondary markets in the US," said David Jackson, Founder & President of Northridge Capital.
Mohammad Al-Othman, Executive Director of Real Estate Investments at Kamco Invest, said, "This transaction is in line with our strategy to grow our real estate portfolio with income generating grade A properties which have grown in less than 5 years to include 13 properties in the US, UK and Europe valued at USD1.18bn and generating an average annual cash yield of 7.8%. Our US capabilities are demonstrated through our active involvement in the core US real estate landscape and the acquisition of three assets over the past 10 months with total transactional value of USD548mn. Moreover, these activities are a representation of our investor-focused approach to source and offer opportunities that match the expectations of our esteemed client roster. We look forward to continue enhancing our international real estate platform with the support of our valued partner.
David Etemadi, Managing Director of Northridge Capital, added, "We are excited to commence our new partnership with ServiceNow, one of the fastest growing companies in the S&P 500, and hope we can be a small part of their continued growth. The Santa Clara office market is a "who's who" of household technology names and we put ServiceNow right up there with the best. Sobrato did a tremendous job in creating two highly functional, multi–tenantable office buildings while fostering a strong corporate headquarter feel and environment which will only be bolstered by the Phase 2 component currently under construction".
Eastdil Secured represented the Seller, led by Nate Jones.
About Northridge Capital, LLC
Northridge Capital is an independent real estate asset management firm that has invested since its founding in 1997 in over 50 assets on behalf of its investors with a combined acquisition value of approximately $1.26 billion. Based in Washington, DC, the company works mainly with overseas institutional and individual investors to successfully define and implement customized strategies for investing in US commercial real estate. Northridge focuses on generating superior risk-adjusted returns for investors by acquiring, managing, and selling real estate assets across a wide variety of property types and located in strategic geographic areas. For further information, visit www.northridgecapital.com
About Kamco Invest
Kamco Investment Company K.S.C (Public) "Kamco Invest" is a regional non-banking financial powerhouse headquartered in Kuwait with offices in key regional financial markets, established in 1998 and listed on Boursa Kuwait in 2003. It is an Independently managed subsidiary of KIPCO
Group adopting the highest standards of corporate governance and regulated by the Capital Markets Authority and Central Bank of Kuwait. The Company offers a comprehensive range of investment solutions covering asset management, investment banking and brokerage. Kamco Invest manages assets valued at USD13.7bn (as of 30 September 2019) on behalf of its clients in various asset classes and jurisdictions, making it the fifth largest asset manager in the GCC according to Moody's asset management report dated September 2019. It also holds a strong track record with investment banking credentials exceeding USD22.3bn from inception to 31 December 2019 in equity capital markets, debt capital markets and mergers & acquisitions. For further information, visit www.kamcoinvest.com