Reboot Lands Buyer, New Tenants for San Jose Office Park
- Jun 10, 2015
A testament to Silicon Valley’s white-hot office market is the recently completed deal for THE Campus office park in San Jose. MCP Trimble Campus L.L.C., an entity controlled by MetLife Real Estate Advisors, acquired the asset for $96 million from a joint venture of Bixby Land Co. and Cornerstone Real Estate Advisers.
Bixby and Cornerstone bought the four-building office park in 2012 for $29.5 million. Major improvements, together with the fast-developing local office market, helped boost the price 200% in only three years.
THE Campus is located at 375-441 Trimble Road in San Jose. Bixby and Cornerstone gave the 250,000-square foot property a makeover that encompassed exterior walls, atriums, and outdoor areas. Studio G Architects designed a new open space between two of the buildings. As part of their strategy to rep0sition the property as an upscale asset, the previous owners also oversaw upgrades to dining areas, fountains, furnishings and landscaping.
The remodeling quickly got results, as the property landed major commitments from several new tenants. Verizon leased two of the buildings totaling 136,000 square feet, and ASML US Inc. has taken up 92,000 square feet.
Image courtesy of www.thecampusoffice.com