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1/07/15
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HFF has arranged $76.6 mil in financing for Ten Almaden, a 309.3k sf, transit-oriented, Class A office building in downtown San Jose. The property is owned by KBS Capital Advisors on behalf of its KBS REIT III fund.
Completed in 1988 and renovated in 2010, Ten Almaden is a 17-story, LEED Certified Gold office tower that is 89 percent leased to such tenants as Citibank, Comcast, Robert Half International, Rosetta Marketing Group and Turner Construction Company. The property features a three-story atrium and lobby, fitness center with outdoor pool, sauna and showers, a six-level parking structure and café.
Situated on a 1.64-acre site at 10 Almaden Blvd, the property is within walking distance to the San Jose Diridon Transit Station served by Caltrain, Amtrak, ACE commuter rail, VTA light rail and bus lines connecting downtown San Jose to San Francisco and the Peninsula. The property is also convenient to Interstates 280, 680, 880, Highways 87 and 17 and US 101 as well as being a five-minute drive from San Jose’s Norman S. Mineta International Airport.
The HFF senior managing directors Bruce Ganong and Kevin MacKenzie and director Jordan Angel arranged the three-year, floating-rate loan, funded by Bank of America. Loan proceeds were used to acquire the property from Equity Office Properties in a sale also arranged by HFF.
KBS Capital Advisors is KBS REIT III’s external advisor and is an affiliate of KBS Realty Advisors, a private equity real estate company and SEC-registered investment adviser founded by Peter Bren and Charles J. Schreiber in 1992. Since its inception, KBS and its affiliated companies have completed transactional activity of more than $31 bil via 14 separate accounts, six commingled funds, five sovereign wealth funds and six non-traded REITs.
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