July 13, 2020
A fund sponsored by CBRE Global Investors acquired two Class A office buildings in San Jose, reportedly for nearly $173.54 million. The buildings, collectively known as 237@First, each span six stories and include a total of 368,702 rentable square feet, which is nearly 65% leased.
237@First is LEED Gold Certified and includes 4353 N. First St, which was completed in 2016 and includes 181,042 square feet, and 4453 N. First St., which was completed in 2019 and includes 187,660 square feet. The assets were developed by South Bay Development Co. and PCCP.
CBRE Global Investors’ Gary Jaye says, “237@First is located within the North San Jose office submarket, which we believe is well-positioned to weather an economic downturn. The specific location of 237@First, situated just off I-237, also affords many tenant employees a desirable reverse commute, with quick access the area’s major roadways.
Eastdil Secured brokered the transaction along with NKF’s Chris Shaffer, who provided local market expertise.
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