Bailard Pays $38M for Silicon Valley Office Asset
- Sep 30, 2020
Bailard has completed the $38.3 million acquisition of a 76,410-square-foot office building in San Jose, Calif. KBS sold the property, which is part of District 237, its 415,492 square-foot office/R&D complex.
The seller purchased the entire park in 2013, when EQ Office sold it for $239 million, according to Yardi Matrix data. The company financed the deal with a $140 million acquisition loan from Massachusetts Mutual Life Insurance Co., which matured this past April.
The asset Bailard acquired occupies a 4-acre parcel at 250 Holger Way, in Silicon Valley’s North San Jose submarket. The two-story building was completed in 2002 and renovated in 2019. The property is fully leased to CDK Global, a company that provides software for the automotive industry.
The CBRE team that facilitated the deal included Joe Moriarty, Scott Prosser, Jack DePuy, Russell Ingrum, Brad Zampa and Mike Walker. Bailard was represented in-house. Greenberg Traurig attorneys Bruce Fischer and Howard Chu, along with paralegal Robyn Foianini provided legal counsel for the seller.
In June, KBS completed the $95.2 million disposition of two properties in District 237 totaling 142,710 square feet. Exan Group acquired the assets, which are fully leased to Raytheon.