"SAN JOSE A tech campus in San Jose has been bought at a big price cut compared with its prior value in a sign that the Bay Area office market remains wobbly at the same time it presents opportunities for savvy investors. The office hub, located at 375 West Trimble Road, has been bought for $63.6 million, according to documents filed on Dec. 31 with the Santa Clara County Recorder's Office."
"A buying group that includes DivcoWest, a veteran Bay Area real estate firm, bought the four-building property at the corner of West Trimble and Orchard Parkway, the county public records show. A real estate unit of MetLife Investment Management sold the property, which is at a prominent corner in San Jose. North San Jose has become a hotbed for real estate deals in recent months."
"The office buildings at the just-bought campus total 251,400 square feet, according to the PropertyShark commercial listings website. In 2015, the MetLife unit bought the campus for $95.9 million. That means DivcoWest purchased the property for 33.7% less than the price a decade ago. The latest price is also 44.8% below the property's current assessed value of $115.3 million. If real estate values turn soft in a region, the decline could "
The four-building tech campus at 375 West Trimble Road in north San Jose sold for $63.6 million in an all-cash transaction recorded Dec. 31. The buying group includes DivcoWest and acquired 251,400 square feet of office space from a MetLife Investment Management unit. The MetLife unit paid $95.9 million for the campus in 2015, so the new sale price is 33.7% lower than that prior purchase. The sale price is also 44.8% below the property's assessed value of $115.3 million. North San Jose has seen several recent major office transactions, signaling a wobbly office market and investor opportunities.
Read at www.mercurynews.com
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