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5/15/15
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Texas-based Hines Global REIT has acquired a 155.6k sf, Class A office building in San Jose. The property, located at 2851 Junction Ave, west of I-880 and just south of Montague Expwy, was sold by TMG Partners and Alcion Ventures LP.
Although the price was not immediately disclosed, industry sources estimate the deal closed for over $85 mil and $550/sf, a very significant mark-up over the $42 mil the sellers had paid for the asset in December of 2012. The sellers had invested in renovation work that included a new lobby, common areas, restrooms and outdoor eating areas, as well as upgraded sustainable landscaping and electric vehicle charging stations.
The building is 100% occupied by the North American office of TSMC North America, a subsidiary of Taiwan Semiconductor Manufacturing Ltd. The firm inked a 15-year deal for the property less than a year earlier.
Located in the Montague Park area of North San Jose near major technology companies, the office building was built in 2002 and occupied by the County of Santa Clara. Each of the steel-framed building’s four floors has a 38k sf floor plate.
TMG and Alcion were represented in the transaction by Michel Seifer, Erik Doyle, Will Connors, Rob Hielscher, Mike Hochanadel and Rob Bickel of Jones Lang LaSalle.
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