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SFF Realty Partners built on its recent acquisition streak in South Bay office properties with the $82M acquisition of The Almaden in downtown San Jose.
SFF purchased the three-building, 416K SF Class-A office campus at 1, 55 and 99 Almaden Blvd. in San Jose’s high-profile South First Area District from KBS Rest Investment Trust III. The campus was built between 1979 and 1982 and is anchored by Zoom Communications, which occupies about 25% of available space.
The property traded at $197 per SF, far less than the $360 per SF that KBS paid for The Almaden in 2015, the Silicon Valley Business Journal reported. KBS also invested $49M in capital to upgrade the buildings during its decadelong hold.
SFF has been on a spending tear. In the third quarter, it deployed more than $160M to acquire 580K SF of office space at 384 Santa Trinita Ave. in Sunnyvale, along with 2350 and 2390 Mission College Blvd. and 2550 Walsh Ave. in Santa Clara, Kidder Mathews reported.
San Jose’s downtown office market, much like San Francisco’s and Oakland’s to the north, emptied en masse following the pandemic.
Artificial intelligence-driven demand for premier Class-A space that’s reigniting San Francisco’s central business district has yet to reach the heart of the South Bay, however — office availability in downtown San Jose remained north of 40% in Q3 2026, Savills researchers found.
Availability across all Silicon Valley submarkets, however, was 21.8%. SFF Realty Partners is betting that downtown San Jose is primed for spillover that’s tightened vacancy in many key Silicon Valley submarkets and has nearly filled all of San Francisco’s most-coveted office buildings.
“We’ve seen a big change in the safety, vibrancy and energy of downtown [San Jose] over the past three to five years,” SFF Managing Partner Casey Hold told the SVBJ.
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