KBS Sells Downtown San Jose Office Campus for $82 Million
What happened
KBS sold its three-building office campus in downtown San Jose for $82 million in an all-cash transaction. An affiliate of SFF Realty Partners acquired the property and adjacent parking structure. The sale price was 54.7% below the property’s estimated value of $181.1 million, according to the Santa Clara County Assessor’s Office.
From siliconvalley.com
Why it matters
The sale reflects a trend of multiple office buildings in downtown San Jose being bought at steep discounts compared to their assessed values. The property, which includes space leased by Zoom Communications, was previously owned by KBS, which had invested over $49 million in capital improvements.
From siliconvalley.com
Who's involved
- KBSSeller of the office campus located in downtown San Jose
- Santa Clara CountyCounty jurisdiction where the property is located
- San JoseCity where the office campus is located
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- Federal Realty Investment TrustSpeculative
Federal Realty Investment Trust might face market price signals related to distressed sales in San Jose commercial real estate.
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The entities involved
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Santa Clara County
county in California, United States
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KBS
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San Jose
city and county seat of Santa Clara County, California, United States