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10/09/15
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In a recent Bay Area office buy, KBS Real Estate Investment Trust III paid $150 mil for Almaden Financial Plaza, a 416.1k sf ($360/sf) office complex located at 1, 55 and 99 Almaden Blvd in downtown San Jose. KBS REIT III intends to rename the project “The Almaden” to reflect the growing list of technology companies relocating to the project.
The Almaden is located just south of the “Innovation Triangle,” which borders U.S. Hwy 101, Hwy 237 and I-880. The property is an eight-minute walk from a Caltrain station and within two blocks of the proposed future Bay Area Rapid Transit (BART) station. The Almaden is also near the SAP Center, home to the San Jose Sharks and the San Jose SaberCats.
The pedestrian-friendly San Pedro Square is located just two blocks away from the property, offering tenants easy access to a wide range of restaurants and a farmer’s market. There are also several well-known hotels in the area and a new AC Hotel by Marriott which is currently under construction.
“The Almaden’s location is in the heart of downtown San Jose, offering proximity to Silicon Valley’s major technology companies. The significant walkable amenities, access to public transportation and recently developed and planned future development of multi-family projects provides the tenants at The Almaden a live, work, and play environment,” said Rodney Richerson, regional president for KBS Capital Advisors.“
The property has a conference center, fitness center and a locker room with showers. A new conference center, lounge, management office, circular driveway and outdoor communal spaces are planned at the property. KBS REIT III, a non-traded real estate investment trust based in Newport Beach, also owns nearby Ten Almaden.
Greg Cioth and Edmund Najera of Eastdil Secured represented both parties in the transaction.
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