TMG, Fortress Buy 8 Cisco Buildings In San Jose

Law360, New York (September 17, 2013, 3:59 PM EDT) -- A joint venture between San Francisco property developer TMG Partners and private equity and hedge fund giant Fortress Investment Group LLC has acquired a portfolio of eight office and R&D buildings in San Jose from Cisco Systems Inc., the venture announced Monday.

The acquisition is structured as a sale leaseback deal. Cisco will lease the properties back from the venture until 2014, when it will begin vacating the buildings in stages. 

The buildings have 800,000 combined square feet of gross leasable space, making the deal one...
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