Medical tech titan signs big lease at revamped Silicon Valley office park
Reinvented Milpitas campus lands major tenant with property over 200K square feet
MILPITAS >> A medical technology titan has signed a big lease in a revamped tech park in a deal that shows Silicon Valley remains a hotbed for corporate office expansions.
Becton, Dickinson & Co., also known as BD, has leased 240,000 square feet in the Park Point campus, a Milpitas tech complex on North McCarthy Boulevard. The space will be occupied by Becton, Dickinson unit BD Biosciences.
The rental transaction shows that despite uncertainties over the precise nature and timing of a return to the office in the Bay Area, Silicon Valley remains a magnet for major tech players seeking elbow room in the region.
“Our new campus at Park Point positions BD for exciting growth and helps elevate our biosciences business,” said Puneet Sarin, worldwide president for BD Biosciences.
Brokers Jeff Arrillaga, Michael Saign and Shawn Kellenberger, executives with Newmark, a commercial real estate firm, represented the property owner, a joint venture of Embarcadero Capital Partners and PCCP, two veteran real estate investment firms. Broker Jodie Matthews, Steve Clark, Grant Dettmer and Joe Long of JLL, a commercial real estate firm, represented the tenant in the deal.
“We are ecstatic that BD has selected Park Point for its new Silicon Valley campus,” said Saign, a vice chairman with Newmark.
The Park Point owners set out to revamp and reposition the three-building campus to raise its profile and curb appeal, a gambit that has borne fruit in a big way.
“BD's commitment to Park Point is testimony to the project's large, efficient floor plates that are ideal for enabling innovationbased companies, a wide array of outdoor collaborative and amenity spaces, and convenient location,” said John Hamilton, a principal executive with Embarcadero Capital.
The Becton, Dickinson unit began scouting for space after the company's sale of several big buildings in north San Jose near the corner of Qume Drive and Commerce Drive, which BD sold for $134 million in August 2021.
The Park Point complex, which totals 472,000 square feet, was reimagined as a modern campus to appeal to tech and life sciences companies. The office center has addresses of 115, 135 and 155 N. McCarthy Blvd. BD Sciences will occupy all of the 155 North McCarthy building and nearly half of the 135 address.
The owners of Park Point employed HOK, a design and architectural firm, to craft a transformation of the business park.
The new design includes revamped office and research spaces filled with natural light, amenities that have the look and feel of being in a backyard, multiple gathering areas for work collaboration and recreation, and a redwood grove with fire pit social terraces. Complex amenities also include a fitness center, full-sized basketball courts, a volleyball court, pickleball court, picnic areas, ping-pong tables, an outdoor kitchen and a barbecue section.
In May 2021, Corsair leased 118,100 square feet at another one of the complex's buildings, the tech gaming company stated in a regulatory filing at that time.
With the BD Biosciences lease, just 107,000 square feet remain available.
“With the completion of our second major lease, it is rewarding to see Park Point's value propositions further validated in the marketplace by another globally recognized corporation like BD,” said Melanie Gangel, a PCCP senior vice president.