A real estate developer plans to remodel a 53,583 sq. ft. Silicon Valley office building it recently acquired for $19.3 million.
Montana Avenue Capital Partners, LLC (MAC) plans “a full remodel of the property as a more creative, modernized workplace,” broker Cushman and Wakefield says in a statement.
MAC acquired the nearly four-acre campus located at 970 Stewart Dr., which it intends to re-brand as “Nine Seventy” from Dellamanos and Hesslers, which had owned the property since 2005. The property is currently fully leased but expected to be vacant in the near term. The deal represents MAC’s eighth acquisition since December 2020.
“The new interior and exterior renovations at Nine Seventy will consist of an upgraded façade, new lobby entrance, and upgraded restroom cores. There will also be three newly designed wifi-enabled outdoor patio and lounge areas, tech bars for outdoor workspace, dining areas, large roll-up glass doors, and abundant green spaces and new landscaping.”
The building was originally constructed in the 1980s and the seller completed a multi-million dollar renovation during 2013-2014.