SFF Realty Partners Buys PCCP’s 234,000 SQFT 2350 Mission College Blvd. in Santa Clara for $40.5MM
Why this matters
Office continues to trade in two distinct markets: trophy assets in walkable submarkets that are leasing at or near record rents, and commodity Class B and C buildings where the basis is still resetting. Underwriting on the latter has moved toward replacement-cost-minus, with credit underwriting now leaning on tenant covenant and remaining lease term rather than mark-to-market expectations. For LP-positioned capital, the read-through is that the bifurcation is now a structural feature of the sector, not a cycle to wait out.
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On the RET wire
- Disclosed office deal value tracked in October 2026: $22.9B across 70 reported transactions. All Office coverage →
Computed from Real Estate Trail’s own tracked coverage
SFF Realty Partners picked up PCCP's 13-story office tower at 2350 Mission College Blvd. in Santa Clara for $40.5 million, pairing it with the newer tower next door it bought weeks earlier and stretching a buying spre…
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