SAN FRANCISCO, CA – December 10, 2014 – HFF announced today that it has closed the sale of Ten Almaden, a 309,255-square-foot, transit-oriented, Class A office building in downtown San Jose, California.
HFF marketed the property on behalf of the seller, Equity Office Properties. The asset was purchased by KBS Capital Advisors for an undisclosed amount.
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, bus lines and the planned California High-Speed Rail 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 investment sales team representing the seller was led by managing director Steven Golubchik, senior managing director and co-head of HFF’s national office investment sales platform Michael Leggett and director John Simerlein.
“Ten Almaden has an outstanding location in San Jose’s downtown core, which is appealing to Millennials for a variety of reasons including its proximity to newly-built housing and a dense amenity base including San Pedro Square and SAP Center,” said Golubchik.
About Equity Office Properties
Equity Office Properties is one of the largest and most well-respected commercial real estate firms in the nation, with a portfolio encompassing 70 million square feet of Class A office space under management in superior locations throughout the country. For more information, visit www.equityoffice.com.
About KBS Capital Advisors
KBS Capital Advisors is KBS REIT II’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 $30 billion via 14 separate accounts, six commingled funds, five sovereign wealth funds and five non-traded REITs. For information, visit www.kbscapital.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.