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What Ten Almaden's High Price Means
Last week KBS Capital Advisors scooped up Ten Almaden, the 309k SF office building in downtown San Jose, for $377/SF, sources tell us. This is a new high for Class A downtown, sources say, adding that the property would have been $277/SF just a year ago. "It's worth $400/SF and you don't have to do anything to it," adds a source. HFF marketed the property on behalf of the seller, Equity Office Properties. Completed in 1988 and renovated in 2010, the 17-story, LEED Gold tower is 89% leased to a number of tenants, including Citibank, Comcast and Turner Construction.
