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Almaden Financial Plaza Sells for $150M


KBS Real Estate Investment Trust III has agreed to purchase the three-building Almaden Financial Plaza for $150M. The 416k SF Class-A office complex is on Almaden Boulevard in downtown San Jose and was sold by an affiliate of Embarcadero Capital Partners. The deal will make KBS one of the top owners of office property in downtown San Jose upon closing. KBS purchased 10 Almaden for $116.7M last year. The plaza is 94% leased and counts Bridge Bank and City National Bank among its tenants. The San Jose office of Eastdil Secured is arranging the transaction. [SFBT]