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KBS REIT II Completes Final Property Sale at Corporate Technology Centre in San Jose

KBS Real Estate Investment Trust II, a publicly registered non-traded REIT, has sold 400 Holger in San Jose for an undisclosed amount.

KBS Real Estate Investment Trust II, a publicly registered non-traded REIT, has sold 400 Holger Way in San Jose for an undisclosed amount. The property is part of the 600,000-square-foot Corporate Technology Centre, an 8-building office park purchased by the company in March 2013 for $239 million.

In April, the company sold 450 and 475 Holger Way for $39 million and $7.1 million, respectively.

The five remaining Class A buildings, which will soon be vacant, have more than 400,000 square feet of rentable space. KBS REIT II plans to renovate the properties and rebrand as District | 237.

“The dynamic Silicon Valley market is a draw for many employers due to its appeal to a young talent pool,” said Brent Carroll, SVP of acquisitions and co-director of asset management. “We believe the planned renovations of the property puts KBS at the center of an ever-growing market with the potential to add great value to the well-located property.”

Planned renovations include a 60-foot-high monument sign facing the highway, updated landscaping, and modified exteriors. Currently 350 Holger Way is undergoing an interior renovation that will include, a new lobby, a private tenant lounge, an outdoor amenity area and gym.

The office park is within 10 minutes of San Jose’s Minetta International Airport and 15 minutes of the San Jose central business district.

“We believe San Jose remains a popular place for growing technology businesses, and tenants will benefit by the identity the freeway frontage offers,” said Rodney Richerson, Regional President of KBS.

KBS REIT II closed its primary offering in March 2011 after raising $1.8 billion in investor equity. The REIT’s $1 billion portfolio consists of eight office properties and an office campus consisting of five office buildings.

For more KBS related news, visit their directory page here.