Mori Trust Buys Silicon Valley Office for $429M
- Mar 18, 2019
Lane Partners has sold HQ@First, a 591,045-square-foot Class A office campus in San Jose, Calif., for $429 million, according to Yardi Matrix. The all-cash acquisition marks buyer Mori Trust’s second major purchase in the U.S., following a $673 million deal in Boston in early 2017.
The campus’ three seven-story buildings, located at 110, 120 and 130 Holger Way in the San Jose – North submarket, are adjacent to a number of retailers, including Target and CVS, as well as two hotels. Santa Clara’s VTA operates a light rail station a short distance away, along with bus stops in the immediate area.
Opened in 2010, the campus served as Brocade Communications’ headquarters until the firm was acquired by Broadcom in 2017, according to The Mercury News. The company significantly downsized following the sale, and Micron Technologies signed a lease in the second quarter of 2018 to fully occupy the property. Broadcom sold the asset in November 2017 for $225.5 million, per Yardi Matrix data.
The LEED Gold-certified property, designed by KHSA, contains a cafeteria, an outdoor sports court and a 7,500-square-foot fitness center. Parking is available in a 1,863-stall garage, which features a large, 550-kilowatt solar panel system atop the structure.
Last year, 3 miles south of HQ@First, Transwestern Investment Group traded a six-building office park for just shy of $84 million. The asset contains approximately 300,000 square feet and is home to more than 50 businesses.
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