SAN FRANCISCO, CA – HFF announced that it arranged $76.6 million in financing for Ten Almaden, a 309,255-square-foot, transit-oriented, Class A office building in downtown San Jose, California.
Working on behalf of KBS Capital Advisors for KBS REIT III, HFF placed the three-year, floating-rate loan with Bank of America. Loan proceeds were used to acquire the property from Equity Office Properties in a sale also arranged by HFF.
Completed in 1988 and renovated in 2010, Ten Almaden is a 17-story, LEED Certified Gold office tower that is 89 percent leased to tenants including Citibank, Comcast, Robert Half International, Rosetta Marketing Group and Turner Construction Company. The property features a three-story atrium and lobby, fitness center with outdoor pool, sauna and showers, a six-level parking structure and café. Situated on a 1.64-acre site at 10 Almaden Boulevard, the property is within walking distance to the San Jose Diridon Transit Station served by Caltrain, Amtrak, ACE commuter rail, VTA light rail and bus lines connecting downtown San Jose to San Francisco and the Peninsula. The property is also convenient to Interstates 280, 680, 880, Highways 87 and 17 and US 101 as well as being a five-minute drive from San Jose’s Norman S. Mineta International Airport.
The HFF debt placement team representing the borrower was led by senior managing directors Bruce Ganong and Kevin MacKenzie and director Jordan Angel.
About KBS Capital Advisors
KBS Capital Advisors is KBS REIT III’s external advisor and is an affiliate of KBS Realty Advisors, a private equity real estate company and SEC-registered investment adviser founded by Peter Bren and Charles J. Schreiber in 1992. Since its inception, KBS and its affiliated companies have completed transactional activity of more than $31 billion via 14 separate accounts, six commingled funds, five sovereign wealth funds and six non-traded REITs. For information, visit www.kbs.com.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.