KBS on Monday has sold a 96,502-square-foot building at District 237. This is an eight-building, 415,492-square-foot, Class A office/R&D complex in San Jose, California. It is owned by KBS Real Estate Investment Trust II is at 350 Holger Way. It was sold to Thor Equities for $50.5 million. KBS is one of the largest investors in the premier commercial real estate in the nation.
KBS Building is Located on the North San Jose Submarket of the Silicon Valley
Formerly known as Corporate Technology Centre, District 237, is North San Jose submarket of the Silicon Valley. This area in Northern California is thought to be highly popular among office users. So says Giovanni (Gio) Cordoves, Western regional president for KBS.
KBS Property is in a Key Growth Market of the United States
Cordoves says North San Jose is one of the key growth markets in the U.S. He explained it was because part of those markets because it is adjacent to several Silicon Valley cities. They have tight vacancies such as Palo Alto and Mountain View. In fact, tech tenants like North San Jose. This is for good value in comparison to more higher-priced markets. Therefore, it’s easy to see how investors prize District 237 so much, even the fact, we are in the midst of a pandemic, Cordoves further explained.
Three-Story, Steel-Frame Building got a Remodel
A three-story, steel-frame building. It was overhauled in 2019. It is leasing through 2027. This building showcases broad glass lines and efficient floor plates. It has an outdoor amenity area. In addition, it has upgraded exteriors, landscaping and parking lot.
350 Holger Way has Superior Construction and Welcome Amenities
The 350 Holger Way includes best-in-class construction and attractive amenities. This is due to KBS’ important, current capital investment in the property. In fact, it is gearing for a positive risk-adjusted return in this submarket, said Brett Carroll. Carroll is an asset manager for District 237. He is also the senior vice president of KBS. Silicon Valley Class A office market is where the asset is. It is the best-performing markets in the country. In fact, it foretells well for the ongoing health of this property.