San Jose, California
CBRE Global Investors Acquires Two Class A Office Buildings in San Jose, California
10 Jul 2020
A fund sponsored by CBRE Global Investors has acquired two Class A office buildings in San Jose, California. The buildings, collectively known as 237@First, each span six stories and include a total of 368,702 rentable square feet. The acquisition is part of the fund’s broader strategy to acquire and lease up properties in key office markets across the U.S.
237@First is LEED Gold Certified and includes 4353 North First Street, which was completed in 2016 and includes 181,042 square feet, and 4453 North First Street, which was completed in 2019 and includes 187,660 square feet. The high-end office buildings feature 14’ to 16’ slab-to-slab heights, expansive window lines affording panoramic views and abundant light, dramatic lobbies, and flexible 32,800-square-foot column-free floor plates that can efficiently accommodate a de-densified floor plan. Tenant amenities include a fitness center with a yoga studio and several large outdoor collaboration areas, a sought-after feature. The property is nearly 65% leased, with 131,000 square feet available for lease, which can accommodate single or multi-floor users.
“237@First is located within the North San Jose office submarket, which we believe is well-positioned to weather an economic downturn,” said Gary Jaye, Senior Managing Director and Head of Commercial Acquisitions for CBRE Global Investors. “The San Jose area benefits from a highly skilled new economy workforce, nearby world-class research universities and hospitals, and a concentration of some of the most valuable companies in the world. The specific location of 237@First, situated just off I-237, also affords many tenant employees a desirable reverse commute, with quick access the area’s major roadways.”
Robert Perry, Executive Managing Director and Portfolio Manager for CBRE Global Investors, commented, “At 237@First, we plan to activate a best-in-class management and leasing team to enhance the current tenant experience and drive additional leasing. We also plan to upgrade underutilized common areas and enhance the property’s outdoor amenity offerings by adding more seating, installing an on-site food option and expanding the Wi-Fi.”
237@First is located along the heavily trafficked Interstate 237 corridor, providing prominent exposure and regional access via direct connectivity to major highways and to the freeway. The location affords many tenants a reverse commute to the East Bay and Peninsula areas and is home to several major national and global corporations.
About CBRE Global Investors
CBRE Global Investors is a global real assets investment management firm with $108.1 billion in assets under management* as of March 31, 2020. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2019 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers.
237@First is LEED Gold Certified and includes 4353 North First Street, which was completed in 2016 and includes 181,042 square feet, and 4453 North First Street, which was completed in 2019 and includes 187,660 square feet. The high-end office buildings feature 14’ to 16’ slab-to-slab heights, expansive window lines affording panoramic views and abundant light, dramatic lobbies, and flexible 32,800-square-foot column-free floor plates that can efficiently accommodate a de-densified floor plan. Tenant amenities include a fitness center with a yoga studio and several large outdoor collaboration areas, a sought-after feature. The property is nearly 65% leased, with 131,000 square feet available for lease, which can accommodate single or multi-floor users.
“237@First is located within the North San Jose office submarket, which we believe is well-positioned to weather an economic downturn,” said Gary Jaye, Senior Managing Director and Head of Commercial Acquisitions for CBRE Global Investors. “The San Jose area benefits from a highly skilled new economy workforce, nearby world-class research universities and hospitals, and a concentration of some of the most valuable companies in the world. The specific location of 237@First, situated just off I-237, also affords many tenant employees a desirable reverse commute, with quick access the area’s major roadways.”
Robert Perry, Executive Managing Director and Portfolio Manager for CBRE Global Investors, commented, “At 237@First, we plan to activate a best-in-class management and leasing team to enhance the current tenant experience and drive additional leasing. We also plan to upgrade underutilized common areas and enhance the property’s outdoor amenity offerings by adding more seating, installing an on-site food option and expanding the Wi-Fi.”
237@First is located along the heavily trafficked Interstate 237 corridor, providing prominent exposure and regional access via direct connectivity to major highways and to the freeway. The location affords many tenants a reverse commute to the East Bay and Peninsula areas and is home to several major national and global corporations.
About CBRE Global Investors
CBRE Global Investors is a global real assets investment management firm with $108.1 billion in assets under management* as of March 31, 2020. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2019 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers.