"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 real estate unit of MetLife Investment Management sold the property, which is at a prominent corner in San Jose. 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."
DivcoWest-led buying group purchased a four-building tech campus at 375 West Trimble Road in San Jose for $63.6 million in an all-cash deal filed Dec. 31. The campus totals 251,400 square feet and was sold by a real estate unit of MetLife Investment Management. MetLife bought the property in 2015 for $95.9 million, so the new price is 33.7% lower than that purchase and 44.8% below the property's assessed value of $115.3 million. Recent north San Jose transactions include Cisco's sale of four offices and Goodman Group's $200 million land purchase near prospective Microsoft data centers. Declining office values could reduce property tax revenues for local agencies.
Read at The Mercury News
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