Silicon Valley tech campus sold in major real estate deal

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The New York-based real estate investment firm has just acquired a huge technology campus in North San Jose, which includes three large buildings off Highway 237 and North First Street. The name of the 603,000-square-foot office town: HQ @ First and is currently employed by semiconductor company Micron and cloud security firm Zscaler.

KKR Real Estate Select Trust Inc. (KREST) ​​is a buyer and has announced a sale through Press release early Monday morning. The sale price was $ 535 million, including adjoining parking. Mercury News… Japanese real estate investor Mori Trust paid $ 429 million for real estate in 2019 and, according to Silicon Valley Business Magazine, real estate has nearly doubled in value in nearly five years.

“HQ @ First is a luxury hotel with great facilities, including laboratory facilities, and access to the vast array of Silicon Valley talent. Well-located trophy assets that can create a dynamic work environment for innovative growth will have significant resilience for companies. and long-term value, ”said Justin Puttner of KREST in a statement on the buildings at 110, 120 and 130 Holger Way.

The deal was organized by Newmark, a commercial real estate company. The company’s 2017 statement outlines some of the on-site amenities, including landscaped walkways, stunning views, patios and barbecues, a basketball court, fitness center, games room, 300-seat cafeteria, and a large business center. square. There is a large shopping mall nearby that has Target and other popular shops and restaurants.

KREST issued the following purchase statement to First @ HQ: “The investment is part of KREST’s core investment strategy with one tenant, one of the fund’s three core investment strategies, which targets high quality commercial real estate with long-term leases for a one-off investment. The acquisition increases the value of the underlying real estate in the KREST portfolio to over $ 1 billion and continues KKR’s focus on investing in attractive commercial property opportunities on the West Coast. ”

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