Downtown San Jose Office Asset Sells for $14.6MM

Roos Atkins Building, San Jose, Leisure Sports, KSP Holdings, Cox Creek Fund, Florian Barth, Westbank, Jay Paul, Urban Communities, Kidder Mathews
Courtesy of Kidder Mathews

By Meghan Hall

An office building in downtown San Jose has traded hands. In a deal that recently closed local real estate executive Florian Barth paid $14.6 million for the Roos Atkins Building. The sale comes as investment and development in downtown San Jose continues to ramp up.

According to public documents, the seller is KSP Holdings. The entity is affiliated with Pleasanton, Calif.-based Leisure Sports. The property is listed at two addresses: 2 N. First Street and 15 E. Santa Clara St. Public documents show that Leisure Sports had originally acquired the property in October of 2018 for $15.5 million.

The building was sold by brokerage firm Kidder Mathews on behalf of Leisure Sports. Offering documents indicate that guidance pricing for the property was $18 million. In all, the asset totals 49,440 square feet. The building, which rises six stories, was originally constructed in 1948 and its original use was a department store before being converted into offices in the 1980s. The building sits on about 0.2 acres. When the property hit the market, it was also available for lease. Kidder Mathews declined to comment when contacted for this story.

The property is in the heart of the action in downtown San Jose, as numerous developments continue to sprout. Just adjacent is 1 West Santa Clara, a 100,000 rentable square foot office building developed by Jay Paul. Also across the street is the Bank of Italy, where a joint venture of Urban Community and Westbank are seeking to reposition the asset into a modern, mixed-use office building with restaurants and event space.

San Jose State University, the San Jose Convention Center and San Pedro Square are all within close proximity to the property. On the other side of State Route 87 lies the SAP Center, Google’s Future Campus and San Jose Diridon Station.

Barth is a general partner with the Fox Creek Fund LLC, a diversified investment fund that focuses on commercial office, research and development and industrial products. The majority of the fund’s assets are located in the Silicon Valley, Sacramento and Los Angeles Basin.

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