Rubicon Point Partners, Canyon Partners Acquire Flex/R&D Campus Serving as Shockwave Medical HQ in Santa Clara

Rubicon Point Partners, acting on behalf of Rubicon Point Fund II, and Canyon Partners have completed the acquisition of a multi-building flex/R&D campus in Santa Clara, California that serves as the global headquarters and primary research-and-development hub of Shockwave Medical Inc., a wholly owned subsidiary of Johnson & Johnson.

The property, located at 5353 Betsy Ross Drive in Santa Clara, comprises four buildings totaling 201,078 square feet of flex/R&D space and is 100% NNN leased to Shockwave Medical. Financial terms of the transaction were not disclosed.

Property Details and Lease Structure

The Shockwave Medical Headquarters Campus at 5353 Betsy Ross Drive is fully occupied by Shockwave Medical under a triple-net lease structure, making it a single-tenant asset. Shockwave Medical uses the campus as its global headquarters and primary R&D facility.

The transaction was structured on behalf of Rubicon Point Fund II, with Canyon Partners Real Estate participating as an equity capital partner in the joint venture.

Deal Structure

In the joint venture, Rubicon Point Partners serves as the general partner and operating sponsor. Canyon Partners Real Estate, the real estate investment arm of Canyon Partners, serves as the equity capital partner in the transaction.

Strategic Rationale

The acquisition on behalf of Rubicon Point Fund II reflects a strategy of targeting long-term, credit-tenanted income streams. By acquiring a fully leased asset occupied by a subsidiary of Johnson & Johnson, the partnership secures exposure to medical technology R&D demand while limiting near-term leasing risk.

Pricing for the transaction was not disclosed by either Rubicon Point Partners or Canyon Partners Real Estate.