SAN JOSE, Calif. (Dec. 11, 2012) – TMG Partners, one of the San Francisco Bay Area’s largest mixed-use property developers, with equity partner Alcion Ventures LP, announced the acquisition of a four-story, 153,000-square‐foot Class A office building at 2851 Junction Avenue in San Jose.
Kaufman Jacobs sold the property for an undisclosed sum.
“The acquisition is an ideal Class A office building in North San Jose which, although constructed to current design standards, we will have the opportunity to further renovate and improve in order to continue to take advantage of the strong tenant demand for institutional quality buildings,” said Michael Covarrubias, chairman and CEO of TMG Partners. “We are confident of the continuing attraction for tech companies to the San Jose area.”
Located in the Montague Park area of North San Jose near major technology companies, the office building was built in 2002 and until recently was fully occupied by the County of Santa Clara, which vacated last week. Each of the steel-framed building’s four floors has a 38,108-square-foot floorplate. While some capital expenditures have been made over the years, TMG will immediately embark on a substantial renovation of the project to include a new lobby, common areas, restrooms, outdoor eating areas and upgraded sustainable landscaping and electric vehicle charging stations in addition to other upgrades to the property.
Mark Ziemendorf of Cornish and Carey, Newmark Knight Frank represented the seller. The buyers represented themselves.
About TMG Partners
TMG Partners, founded in 1984 and headquartered in San Francisco, is a full-service real estate development and management company. TMG has developed more than 20 million square feet of property throughout the San Francisco Bay Area, including Emeryville, Marin City, Novato, Palo Alto, San Bruno, San Jose and San Francisco. One of the most active developers in this area in the last decade, the company has developed a variety of office, retail, residential and industrial properties, ranging from office campus and multi-story properties in urban, infill locations to mixed-use retail and single-story suburban buildings. For detailed information, visit www.tmgpartners.com.
About Alcion Ventures LP
Headquartered in Boston, Alcion Ventures is an entrepreneurial real estate private equity firm that executes a high-yield investment strategy with uniquely positioned real estate in select North American markets. For more information, visit www.alcionventures.com.