DivcoWest Completes $160M Silicon Valley Office Sale
- Nov 04, 2020
DivcoWest has sold Tasman at North First, a three-building property in San Jose, Calif., for $160 million. A South Korean investment group acquired the 317,612-square-foot office and R&D campus. A JLL team brokered the transaction.
According to public records, the buyer financed the purchase with a $78 million loan from Kookmin Bank. The property previously changed hands in early 2018, when Cisco Systems sold the asset for $50 million, Yardi Matrix data shows.
Located at 10 and 80 W. Tasman Drive and 125 Rio Robles Drive, the Silicon Valley campus was completed in 1997 on 13.3 acres and is part of Cisco’s global headquarters in San Jose. The two-story, tilt-up concrete buildings underwent renovations this year and include 942 above-ground parking spots, a rooftop HVAC unit on each structure, as well as 14 electric vehicle parking and charging stations.
Tasman at North First is adjacent to the VTA light rail Tasman Station stop and the Samsung Semiconductor Corporate headquarters. It is less than 8 miles from downtown San Jose and nearby several residential communities.
JLL Senior Managing Director Will Connors, Senior Director Daniel Renz, along with Managing Directors Mark Bodie and Scott Mathisen, worked on behalf of the seller. Managing Director Steven Chon and Senior Vice President Sofi Choi represented the buyer. In a similar Silicon Valley transaction that closed recently, Connors and Renz completed the $104 million sale of The Fujitsu Campus in Sunnyvale, Calif.