A four-building research-and-development campus in Santa Clara that anchors Shockwave Medical’s global headquarters has changed hands for about $87.2 million, a price that lands well under its county-assessed value. The nearly 13-acre complex totals roughly 201,078 square feet and is fully leased to Shockwave, the medical-device player known for its intravascular lithotripsy technology.
Rubicon calls it the launch pad for a West Coast buying spree
Rubicon Point Partners framed the acquisition as more than a one-off deal. In yesterday's press release, the firm said the purchase kicks off a “billion-dollar investment strategy” in the region, according to GlobeNewswire. Rubicon said it bought the property on behalf of Rubicon Point Fund II and partnered with Canyon Partners Real Estate on the transaction.
Ani Vartanian, Rubicon’s co-founder and managing partner, described the campus as the kind of mission-critical asset the firm wants more of, signaling that this Santa Clara play is meant as a template for future picks.
What the Shockwave campus includes
The deal covers four buildings at 5303, 5353, and 5403 Betsy Ross Drive, plus 3003 Bunker Hill Lane, bundled into a single R&D campus with roughly 762 parking spaces, as reported by Commercial Property Executive. That outlet notes the site is 100 percent triple-net leased to Shockwave, a Johnson & Johnson subsidiary, with a lease in place through December 2031. CBRE National Office Partners is identified as the exclusive advisor on the sale.
The price tag, the loan and the markdown
Public records tell the story on price and financing. Documents filed with the Santa Clara County recorder show the campus sold for about $87.2 million and that an affiliate of the buyer lined up roughly $62.5 million in financing from BMO, according to The Mercury News.
The same review found the sale price sits about 15.7 percent below the property’s January 2025 assessed value of $103.4 million, a reminder that even fully leased Silicon Valley real estate is not entirely immune to price compression. The seller is listed as TG USA Development, which transferred the campus through two affiliates in the recorded paperwork.
Why investors still like R&D space even as offices wobble
The purchase highlights how well-leased flex and R&D product is holding investor interest even as more traditional office towers struggle. Recent trades of similar campuses in Sunnyvale and Santa Clara suggest capital is still chasing life-science and advanced-tech footprints, according to ConnectCRE.
Rubicon has cast the Santa Clara buy as an early move in a broader West Coast strategy and says it will be on the hunt for similar mission-critical properties in the coming years, per the company’s release. County recording records show the documents were filed May 14, 2026, formally completing the transfer and locking in one of the latest big-ticket, slightly discounted plays in Silicon Valley’s choppy property market.
