Lane Partners Obtains $200M Loan to Acquire 603,666 SF Office Property in San Jose
SAN JOSE, CALIF. — Lane Partners has obtained a $200 million loan to acquire [email protected], a 603,666-square-foot creative office property in the Silicon Valley city of San Jose. The asset is located at 110, 120 and 130 Holger Way.
The Class A property features a campus environment with landscaped paths, natural light, views of the bay and hills, outdoor barbeque and patio areas, basketball court, fitness center and locker rooms, game room, executive business center, and 300-seat cafeteria.
[email protected] was built in 2010. The LEED Gold-certified asset is situated on approximately 10 acres at the intersection of Highway 237 and North First Street. It is adjacent to multiple VTA Light Rail stations that connect to Caltrain, AMTRAK, ACE Train and BART. The property offers immediate access to a restaurant, retail and hotel options at the @first retail center across the street. Tenants at @first include Chipotle, Chick-fil-A, Five Guys, Panera Bread, Coffee Bean, CVS, Target, Chase, Courtyard by Marriott and Hyatt House.
Ramsey Daya and Chris Moritz of NKF Capital Markets arranged the financing on behalf of Lane Partners and its capital partner. The loan was placed with Blackstone Mortgage Trust.
“Given the strength of the sponsorship and quality of the asset, the debt markets showed a strong interest in this opportunity,” says Daya. “[email protected] is truly a trophy asset that is San Jose’s most walkable and amenitized campus. We see this project gaining even more momentum and value over the coming years as the Silicon Valley market continues its upward growth.”
The campus previously served as the corporate headquarters for the seller, Brocade Communications. The data and storage networking provider recently merged with chipmaker Broadcom, resulting in a pared-down operation that included a round of layoffs and sell-offs for Brocade. Lane Partners plans to renovate the property prior to commencing leasing efforts.
Menlo Park, Calif.-based Lane Partners specializes in the transformation of institutional-quality real estate in Northern California. The company has acquired, developed and managed more than 2 million square feet of Silicon Valley office properties through these transformational efforts.
— Nellie Day