South Bay tech hub is bought at discount price of $87 million-plus

SANTA CLARA - An office campus in Santa Clara has been bought for $87.2 million in a deal that suggests the Bay Area office market continues to wobble as a rough stretch for the sector persists.

Although office leasing has picked up throughout the South Bay, the region continues to struggle with a slump in office building values. This deal is a reminder of the shifting dynamics in the Bay Area office market.

Rubicon Point Partners, a real estate firm, bought four office buildings in Santa Clara, documents filed May 14 with the Santa Clara County Recorder’s Office show. The buyer acted through an affiliate.

The buildings have addresses of 3003 Bunker Hill Lane and 5303, 5353 and 5403 Betsy Ross Drive, according to the real estate documents. The campus totals 201,100 square feet.

The purchase price means Rubicon Point bought the four buildings for 15.7% less than the $103.4 million assessed value for the property, as calculated in January 2025.

The affiliate controlled by Rubicon Point Partners obtained $62.5 million in financing from BMO Bank, the county property documents show.

Shockwave Medical is the tenant at the campus. Shockwave makes a catheter that emits localized sonic pressure waves to crack hardened plaque in arteries. The process is similar to the way kidney stones are treated.

TG USA Development, through two affiliates, was the seller in the deal. CBRE, a commercial real estate firm, was an adviser in the transaction.

Rubicon Point Partners says the Santa Clara deal is just the start of its push to scout for more properties on the West Coast.

“This is the beginning of a billion-dollar investment strategy that we plan to deploy over the coming few years throughout the region,” said Ani Vartanian, managing partner and co-founder of Rubicon Point Partners.

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This story was originally published May 15, 2026 at 5:12 AM.