San Jose Office Building Trades for $82M

The 155,000-square-foot facility changed ownership for the third time in two years. The previous owners acquired the property half a year ago.

2851 Junction Ave. in San Jose, Calif.
2851 Junction Ave. in San Jose, Calif.

LL 2851 Junction LLC acquired a 155,613-square-foot office building in San Jose, Calif. from Equity Office Properties Trust. 2851 Junction Ave. traded for $82 million. It’s the third time in the last two years that the property changes ownership.

At the time of the transaction, the property was fully leased to TSMC North America, a business unit of Taiwan Semiconductor Manufacturing Co. Completed in 2002, the Class A, four-story building is located in close proximity to Montague Expressway. The facility offers nearly 500 parking spaces.

According to Yardi Matrix data, Equity Office Properties Trust, an affiliate of Blackstone Group, acquired the asset from Hines Interests at the end of last year as part of a $1.2 billion portfolio sale. The transaction included more than 2.7 million square feet of office space, 255,905 square feet of industrial space and 42,059 square feet of retail space. Hines purchased the property a year earlier from TMG Partners for $86 million.

Image courtesy of Yardi Matrix