Ten Almaden is a 17-story, Class A office tower in downtown
San Jose that offers 309,225 square feet of rentable space. Tenants enjoy the
building’s numerous amenities, including an outdoor terrace that features a
custom fire pit and barbeque, in addition to views of the downtown city skyline.
The property is further equipped with a tenant lounge, a fitness center with a
pool, spa and locker rooms and a four-level parking garage.
Ten Almaden is adjacent to San Jose University and is within
walking distance of several restaurants, cafés and lounges. The property is
easily accessible by U.S. Highway 101, Highway 237, Interstate 880 and the
light rail, and is within close proximity to the SAP Center at San Jose, home
to the San Jose Sharks hockey team and host of big-name concerts and arena football.
“Ten Almaden offers countless opportunities for
entertainment and work-life balance, thanks to its central location in the
lively area of San Jose,” said Brent Carroll, senior vice president for KBS and
asset manager for the property. “We continuously see the appreciation that
tenants have for a location like this one that fits many needs and life
styles.”
The Silicon Valley office market experienced another strong
quarter to close 2018. The office vacancy rate decreased during the fourth
quarter, according to Cushman & Wakefield’s Silicon Valley Office Q4 2018
report. A majority of the top deals during the quarter were new deals or
expansions rather than renewals.
“With KBS being an early investor in downtown San Jose and
one of the largest landlords, we’ve seen a significant change over the last few
years in the market,” said Rodney Richerson, western regional president for
KBS. “Excluding the Google news and a few other rumored significant tenants
looking downtown, we have signed several leases with growing technology tenants
that are quickly changing the dynamics of downtown San Jose.”
Ryan Rosendin and Mike Rosendin of Colliers International
represented Berliner Cohen, LLP and Erik Hallgrimson, Todd Beatty and Bob
Simpson of Cushman & Wakefield represented KBS REIT III in the transaction.
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended including statements relating to KBS REIT III’s ability to invest in and manage a diverse portfolio, and the performance of Ten Almaden and of the San Jose real estate market. These statements are subject to known and unknown risks, uncertainties and other factors which may cause KBS REIT III’s and/or Ten Almaden’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.