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ATTACHMENT 3 Feb 22, 2013, 6:41am PST RREEF selling 25 buildings in Santa Clara Nathan Donato-Weinstein Real Estate Reporter- Silicon Valley Business Journal In one of Silicon Valley's larger commercial real estate offerings of late, Rreef]teal Estate is looking to sell two Santa Clara business parks just off Highway 101 containing 25 buildings and totaling 892,500 square feet of space. The unit of Deutsche Bank recently engaged Holliday Fenoglio Fowler LP to market the properties, which are about evenly split between the Marriott Business Park and Park Square developments. A representative for Rreef declined to comment, and executives in the San Francisco office of TIFF did not return calls. No asking price was listed. But several commercial real estate professionals nol connected to the offering valued the properties in the range of$200 to $250 per square foot, which would peg the offering between $178.5 million to $223.1 million. Marriott Business Park is a I2-building complex developed in 1979 and 1980 tucked on about 26 acres just behind Santa Clara Towers off Highway 101 at the Great America Parkway exit. The 427,500-square-foot complex is 93-percent leased, according to an offering document. Average in-place rents are $1.30 per square foot. Almost directly across Highway 101 from the Marriott Business Park is Park Square, a 13- building complex that sits on 31 acres. It is about 60 percent leased and contains 465,000 square feet of space. The properties could attract a buyer looking for in-place cash flow or a redevelopment play. The parks' rent roll includes such tenants as Samsung, Netflix, McGraw-Hill, Cisco Systems and Intel. The complexes were built between 1977 and 1980, and are 76 percent leased to 55 tenants. Buildings range from 22,500 to 48,000 square feet. However, the offering document also highlights the possibility of building fresh, with the "ability to control nearly 60 acres with freeway visibility and the potential to develop up to approximately 1.86 million square feet, as-of-right." The properties are part of the huge, 5.3-million-square-foot Peery-Arrillaga portfolio that RREEF purchased in 2006 for $1.1 billion. At the time, it was called the largest collection of commercial properties -- 119 in all -- to change hands in the Valley, with buildings in Mountain View, Sunnyvale, Santa Clara, Milpitas and San Jose. In 2011, Rreef unloaded more than 1 million square feet of Silicon Valley space. It is still a major landlord, and current Valley holdings are estimated at around 5.9 million square feet.