ProspectHill Group and SKS Partners just grabbed up a San Jose office building that has sat vacant since 2012, reflecting the growing interest in the North San Jose community as the next place for tech.
PCCP announced last week that it provided a senior loan for the acquisition and complete renovation of the single-story, more than 65k SF office, research and development building at 3901 North First St.
The new owners plan to redesign the exterior; update the mechanical, electrical and plumbing systems; create a new amenity area for tenants; and improve the interior. The repositioning of the building will ready it to capitalize on the transformation of north San Jose as it becomes a major hub for technology companies and their employees, says PCCP managing director Erik Flynn.
North San Jose continues to see substantial rent growth, low vacancy and strong leasing activity for renovated buildings that offer an alternative to new construction, PCCP reports. The building's 4.3-acre site is one block north of Samsung's North American R&D headquarters and one block south of @First, a mixed-use development with 235k SF of retail and two hotels.
The building has sat vacant since previous occupant SVTC Technologies folded in late 2012. The seller was a private investor.
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