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8/03/21
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Global investment firm KKR, through its KKR Real Estate Select Trust fund, has acquired HQ @ First, a 603.7k sf HQ campus property in San Jose. The three-building property, located at 110, 120 and 130 Holger Way, was sold by Mori Trust Co Ltd, a Japan-based major real estate developer.
Although the final transaction price was not announced, industry sources peg the deal at around $535 mil, giving it a cost of $886/sf.
The Class A campus, 100% leased to a global technology company, features a two-story lobby, all-hands conference rooms, a fitness center and a 300+ seat cafeteria space. The LEED Gold-certified buildings have benefitted from substantial tenant investments, including modern office finishes with both open and personal desk areas in addition to over 60k sf of lab space. There is also a parking garage with over 1,600 spaces.
HQ @ First is situated in North San Jose, the heart of Silicon Valley, and is surrounded by many of the world’s most recognizable companies. The property presents freeway visibility, walkable access to abundant retail amenities and proximity to public and vehicular transportation.
The North San Jose single-tenant, Class A office market comprises nearly 3 msf and is anchored by some of the most prominent technology companies and financial institutions around the globe. Since 2016, the single-tenant office market in the region’s ‘Golden Triangle’ has recorded 1.035 msf of positive net absorption with an availability rate of 10.65% during the same time frame, according to Newmark Research. In 21Q2, the availability rate in the Golden Triangle submarket has since dropped to 0.0%.
Newmark Vice Chairman and Head of Northern California Capital Markets Steven Golubchik, Vice Chairman Edmund Najera, Senior Managing Director Jonathan Schaefler and Director Darren Hollak facilitated the transaction.
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