|
|
11/30/21
|
An affiliate of Menlo Equities paid $35 mil for a 99.6k sf ($351/sf), Class A office building in San Jose. The building, situated on a 4.86-acre parcel at 300 Holger Way, was sold by KBS Real Estate Investment II.
The property consists of a three-story steel-frame building that was constructed in 2000 and fully renovated in 2019. The building features extensive glass lines and efficient floor plates.
Amenities include nearby transportation, shopping, entertainment, and dining options. KBS has invested more than $3 mil in renovations to the property that included completely new interiors, upgraded exteriors, landscaping, a new outdoor amenity area, an upgraded parking lot and a new HVAC system.
The property is conveniently situated near the @First Marketplace retail development, providing a robust amenity base for tenants. The retail complex contains numerous restaurants, retail establishments and hotels ideal for traveling office users.
The property represents the final asset KBS has sold from the eight-building District 237 office park the firm acquired in 2013. District 237, formerly known as Corporate Technology Centre, is located in a particularly active area within Northern California that is highly popular with office users, according to Gio Cordoves, Western regional president for KBS.
Joseph Moriarty, Scott Prosser, Jack Depuy, Brad Zampa and Mike Walker from CBRE represented KBS in the sale.
Silicon Valley’s Class A office market is rebounding and could prove to be one of the strongest performing markets in the country. The current monthly office rental rate is the highest on record for Silicon Valley. Also, an increase in rental rates during the third quarter for all product types, including office, research, and industrial spaces, has led to a surge of new construction throughout the Silicon Valley market.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
