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| The buildings in District 37 are owned by KBS Real Estate Investment Trust II at 100 Headquarters Drive and 200 Holger Way, San Jose, CA |
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| Rodney Richerson |
The buildings owned by KBS Real Estate Investment Trust II at 100
Headquarters Drive and 200 Holger Way, 142,710 square-feet of the property were
sold to independent real estate fund and asset management company EXAN Group for $95.2 million. EXAN Group will be retained as
management of District 237.
District
237, formerly known as Corporate Technology Centre, is located in the North San Jose submarket of the Silicon Valley,a highly
desirable area of Northern California among office users, according to Rodney
Richerson, regional president, western region, for KBS.
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| Chrisdo Fan |
“KBS
consistently identifies exceptionally well-located assets in markets where
powerful value creation is possible,” says Richerson.
“North
San Jose, with its close proximity to tightly occupied Silicon Valley cities
such as Palo Alto and Mountain View, is one of those markets.
"Tech
tenants who like Silicon Valley and are seeking more competitive rates are
drawn to this submarket, and discerning office investors like EXAN Group
recognize how an institutional-grade property like District 237 adds value to
their portfolio.”
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| Amanda Kennedy |
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| Brent Carroll |
Built in 1999 and 2001, District 237 was built with eight one-, two-, and three-story buildings.
The buildings feature excellent window lines and efficient floor plates, according to Brent Carroll, asset manager for District 237 and senior vice president for KBS.
In 2018, the company sold three of the eight buildings.
The buildings feature excellent window lines and efficient floor plates, according to Brent Carroll, asset manager for District 237 and senior vice president for KBS.
In 2018, the company sold three of the eight buildings.
“Each
building in this highly sought-after property features superb visibility from
over 3,000 feet of Highway 237 frontage,” says Carroll.
“This property’s location has evolved into one of the most desirable in Silicon Valley,with the Highway 237 corridor
benefiting from positive new developments and emergence as the prime linkage
point for companies drawing employees from either side of the San Francisco Bay.”
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| Juan Jose Zaragoza |
Carroll adds that the collection of buildings at District 237 ranged from 20,009 square feet to 101,194 square feet, with an average floorplate of
nearly 31,500 square feet, which attracts larger, well-capitalized tenants with
high credit quality.
KBS recently repositioned and rebranded District 237, which resulted in a combined total of 315,622
square feet in new leases with three global companies at the property.
Rather than white boxing the five buildings,
the company took one building and completely built out the interior which
included a more open layout, updated common areas, a new tenant lounge, fitness
center and private outdoor amenity areas that we believed would drive new
leasing activity by infusing new energy into the project.
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| Joe Moriarty |
“As
a real estate fund manager, District 237 meets our current acquisition mandate
of core assets with credit tenants within the best submarkets in the U.S.,”
says Juan Jose Zaragoza, managing partner and founder of EXAN Group.
“This
acquisition reflects EXAN’s commitment to deploy overseas capital in the U.S.
despite the pandemic, as we continue to demonstrate our ability to execute
deals in a timely manner.
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| Scott Prosser |
"Our
plan is to continue building our portfolio with assets similar to District 237
in the upcoming quarters.”
District 237 is located directly adjacent to @First retail center,
which has attracted a rich mix of neighborhood amenities including Target, CVS
Pharmacy, Fresh and Easy, Chipotle, Coffee Bean, Chick-fil-A, Panera, Chase
Bank, Marriott Courtyard, Hotel Sierra and many others.
The sale of the
Property was brokered by the CBRE Northern California Capital Markets Team
consisting of Joe Moriarty, Scott Prosser, Jack DePuy, Russell Ingrum, Brad
Zampa and Mike Walker.
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| Jack DePuy |
“KBS’ repositioning of District 237, along with this property’s excellent location near dining, daily-needs retail, and
lodging, place it on the short list for office tenants seeking space in the
Silicon Valley region,” says Moriarty, executive vice president.
Attorneys Bruce Fischer, Howard Chu and Chrisdo Fan, and
paralegal, Amanda Kennedy, of global law firm Greenberg Traurig, LLP’s
Orange County office represented KBS as legal counsel in the disposition.
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| Russell Ingrum |
“We were very pleased to represent KBS in the disposition of these
two buildings at District 237,” said Fischer, Greenberg Traurig’s Chair of the
West Coast Real Estate Practice and Co-Managing Shareholder of the Orange
County Office, who led the Greenberg Traurig team.
District 237 is located at 100 Headquarters Drive and 200-350
Holger Way in San Jose, California
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| Howard Chu |
About KBS
KBS is one of the largest investors of
premier commercial real estate in the nation.
As a private equity
real estate company and an SEC-registered investment adviser, KBS and its
affiliated companies have completed transactional activity of approximately $42
billion on behalf of private and institutional investors globally.
Founded in 1992 by Peter
Bren and Chuck Schreiber, KBS acquires and operates prime commercial real
estate in some of the most successful epicenters
in the country.
The firm is committed in its business ethics, its business relationships and its constant focus on exceeding the expectations of its investors, partners and tenants.
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| Peter Bren |
The firm is committed in its business ethics, its business relationships and its constant focus on exceeding the expectations of its investors, partners and tenants.
SEC registration as an
investment advisor does not imply any particular level of skill or training.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500
company headquartered in Los Angeles, is the world’s largest commercial real
estate services and investment firm (based on 2019 revenue).
The company has more
than 100,000 employees (excluding affiliates) and serves real estate investors
and occupiers through more than 530 offices (excluding affiliates) worldwide.
 |
| Chuck Schreiber |
CBRE offers a broad range of integrated
services, including facilities, transaction and project management; property management;
investment management; appraisal and valuation; property leasing; strategic
consulting; property sales; mortgage services and development services.
CONTACT:
Micaela Fehrenbach
mfehrenbach@brower-group.com
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