Updated Dec 4, 2024
Sutter Health Leases 324.9k SF At Mission Technology Park In Santa Clara
2431 Mission College Boulevard, 2441 Mission College Boulevard & 2451 Mission College Boulevard
Building Size
324,900 SF
Asset Type
Office
Closing
Dec 20, 2023
About this deal
AI
Sutter Health has leased 324,900 square feet in Santa Clara's Mission Technology Park, owned by Sobrato Investments. The lease transaction took place on December 20, 2023. The office space is located at 2431, 2441, and 2451 Mission College Boulevard in Santa Clara. This lease is one of the largest office leases in the Bay Area in 2023, contributing to the resilience of the commercial property sector.
Summary of transaction details
- Property Type: Office
- Transaction Amount: Not specified
- Market: Santa Clara
- Square Footage: 324,900 SF
- Landlord: Sobrato Investments - Tony Mestres
- Tenant: Sutter Health - Warner L. Thomas
The landlord of the leased property is Sobrato Investments, represented by Tony Mestres. Sutter Health, represented by Warner L. Thomas, is the tenant that has leased the office space. This lease agreement demonstrates the resilience of the commercial property sector, especially amidst the challenges faced by tech companies.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93