SAN JOSE, CALIF. — Mori Trust Co. Ltd. has acquired three office buildings totaling 603,666 square feet in San Jose through its subsidiary MORI America LLC. The purchase price was not disclosed, but The Mercury News reports the portfolio sold for $429 million.
The properties are situated on approximately 9.7 acres and are fully leased to Idaho-based computer chip giant Micron Technology. The area is expected to undergo further development under San Jose’s master plan for urban development.
Located on Holger Way, the buildings are LEED Gold certified. All three properties, built in 2010, are fully occupied. One of the buildings rises four floors, while the other two are seven floors. The sale also includes a 1,687-space parking garage.
The seller on the transaction was Lane Partners, which acquired the campus for $225.5 million in 2017, according to The Mercury News report.
The Mori Trust Group is a Japan-based owner and developer with a focus on real estate, hotel management and investment operations. The company previously acquired two office buildings in Boston’s Back Bay district in 2017, and has announced plans to greatly increase its overseas investments.
— Kristin Hiller