KBS Sells Three Buildings In North San Jose Office Park, Gears Up For Renovation
Newport Beach-based KBS Real Estate Investment Trust II has sold a third building at Corporate Technology Centre, an eight-building office park. It just closed a sale for 400 Holger. It previously sold 475 Holger to Microchip Technology and 450 Holger to MSK Ventures for a combined $48.4M in April.
The second quarter has been particularly active for North San Jose with many companies buying, selling and leasing large offices. The biggest sales in the area include Lincoln Property Co. and PCCP’s purchase of a seven-building office park for $144.5M and Ocan West Capital and Hana Alternative Asset Management buying four buildings off North First Street leased to eBay for $132.5M.
KBS Realty Advisors is focused on renovating the remaining five buildings, which it intends to rebrand as District | 237. The Class-A buildings will soon be vacant. The site could become a campus for a large tenant taking up 416K SF or multiple tenants with leases ranging from about 47K SF to 100K SF.
Planned renovations for District | 237 include a 60-foot-high monument sign, updated landscaping and modified exteriors.
Currently 350 Holger Way is undergoing a complete interior renovation that will include a new lobby, a private tenant lounge, an outdoor amenity area and a gym. The office has large open workspaces, collaboration areas and an executive conference center.
“The dynamic Silicon Valley market is a draw for many employers due to its appeal to a young talent pool,” KBS Realty Advisors Senior Vice President Brent Carroll said. “We believe the planned renovations of the property puts KBS at the center of an ever-growing market with the potential to add great value to the well-located property.”
District | 237 is within 10 minutes of San Jose’s Minetta International Airport and 15 minutes of the San Jose central business district. The property is close to retail and lodging amenities.