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September 22, 2020
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BAY AREA NEWS
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CBRE Global Investors Buys 369k sf Class A Office Asset in San Jose

7/13/20

CBRE Global Investors has acquired 237@First, a two-building, 369k sf Class A office complex in North San Jose. The LEED Gold-certified buildings were sold by a partnership between PCCP and South Bay Development in a deal said to be worth $174 mil, or around $472/sf.

The buildings at 237@First are both six stories in height. One of the structures, 4353 North First Street, was completed in 2016 and includes 181k sf, while the other structure, 4453 North First Street, was completed in 2019 and includes 187.7k sf. Tenants include Bloom Energy and Spaces, a shared-workspace company.

The high-end office buildings feature 14’ to 16’ slab-to-slab heights, expansive window lines affording panoramic views and abundant light, dramatic lobbies, and flexible 32.8k sf column-free floor plates that can efficiently accommodate a de-densified floor plan. Tenant amenities include a fitness center with a yoga studio and several large outdoor collaboration areas, a sought-after feature. The property is nearly 65% leased, with 131k sf available for lease, which can accommodate single or multi-floor users.

237@First is located along the heavily trafficked Interstate 237 corridor, providing prominent exposure and regional access via direct connectivity to major highways and to the freeway. The location affords many tenants a reverse commute to the East Bay and Peninsula areas and is home to several major national and global corporations.

CBRE plans to enhance the current tenant experience and drive additional leasing. This includes upgrading underutilized common areas and enhancing the property’s outdoor amenity offerings by adding more seating, installing an on-site food option and expanding the Wi-Fi.

“237@First is located within the North San Jose office submarket, which we believe is well-positioned to weather an economic downturn,” said Gary Jaye, Senior Managing Director and Head of Commercial Acquisitions for CBRE Global Investors. “The San Jose area benefits from a highly skilled new economy workforce, nearby world-class research universities and hospitals, and a concentration of some of the most valuable companies in the world. The specific location of 237@First, situated just off I-237, also affords many tenant employees a desirable reverse commute, with quick access the area’s major roadways.”





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