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January 24, 2021
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Thor Equities Spends $50 Mil on 96k sf Silicon Valley Office Building


Thor Equities has purchased a 96.5k sf building within District 237 in San Jose for $50.5 mil ($523/sf). The building, located at 350 Holger Way, was sold by KBS Real Estate Investment Trust II.

350 Holger Way, a three-story steel-frame building that was fully renovated in 2019, is 100% leased through 2027. The building features extensive glass lines and efficient floor plates, as well as an outdoor amenity area and upgraded exteriors, landscaping and parking lot.

District 237, formerly known as Corporate Technology Centre, is an eight-building, 415.5k sf Class A office/R&D complex located at 100 Headquarters Dr and 200-350 Holger Way in North San Jose. Built in 1999 and 2001, District 237 consists of one-, two-, and three-story buildings featuring excellent window lines and efficient floorplates.

“North San Jose is one of the key growth markets in the United States,” said Giovanni Cordoves, Western regional president for KBS. “This is due to its adjacency to several Silicon Valley cities with tight vacancy such as Palo Alto and Mountain View. Tech tenants in particular are drawn to North San Jose for its great value in comparison to these higher-priced markets.”

In 2018, KBS sold three of the eight buildings at District 237, and earlier this year sold 100 Headquarters Drive and 200 Holger Way, 142.7k sf of the property, to an independent real estate fund and asset management company for $95.2 mil.

The buildings at District 237 range from 20k sf to 101.2k sf, with an average floorplate of nearly 31.5k sf, which attracts larger, well-capitalized tenants with high credit quality. KBS recently repositioned and rebranded District237, which resulted in a combined total of 315.6k sf in new leases with three global companies at the property. District 237 is located directly adjacent to @First retail center, which has attracted a rich mix of neighborhood amenities including Target, CVS Pharmacy, Chipotle, Coffee Bean, Chick-fil-A, Panera, Chase Bank, Marriott Courtyard, Hotel Sierra and many others.

Joe Moriarty, Scott Prosser, Jack DePuy, Russell Ingrum, Brad Zampa and Mike Walker with CBRE Northern California Capital Markets were involved in brokering the sale. Bruce Fischer, Howard Chu and Amanda Kennedy of global law firm Greenberg Traurig LLP’s Orange County office represented KBS as legal counsel in the disposition.

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