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3/11/19
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A vacant, 67.7k sf R&D/flex office building in San Jose sold for $19 mil ($280/sf). Located in the city’s famous Golden Triangle area, the property sits on a 4.6-acre site at 3775 1st St.
The immediate area is home to most of San Jose’s 6,600 technology companies. The property is adjacent to Apple Inc’s planned 85-acre campus, Samsung Group’s North American headquarters and a 377k sf office campus recently acquired by Google.
Built in 1985, the single-story building was once the world headquarters for RAE Systems Inc, until its acquisition by Honeywell in 2013. Honeywell continued to occupy the building until Dec 2017.
The buyer was SVP Management, which is owned by a consortium of Korean companies, including YIKC and Exicon, plans to expand its holdings in the Silicon Valley. The property seller was Chandler HFP LLC, an affiliate of Los Angeles-based real estate firm Held Properties, a Los Angeles-based real estate investment and development company that had owned the property since 2014.
Bob Bower and Chip Sutherland in the San Jose office of CBRE Capital Markets-Investment Properties represented both parties to the transaction.
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