KBS has closed the sale of The Almaden, a three-building, 416,126-square-foot Class A office campus at 55 Almaden Blvd. in downtown San Jose, anchored by Zoom’s global headquarters. The Almaden was owned by KBS Real Estate Investment Trust III, Inc., which paid $150 million in 2015. SFF Realty Partners has acquired the property for an undisclosed sum.
The sale is the largest multi-tenant office trade in San Jose since the pandemic, according to KBS. Newmark’s Steven Golubchik, Edmund Najera and Darren Hollak represented KBS.
Tim Helgeson, SVP and investment manager for The Almaden at KBS, said the sale reflects proactive asset management and significant investment in the property. “The campus benefited from more than $49 million in capital improvements during our ownership, helping maintain the property’s competitive position in the market,” said Helgeson. “These efforts helped position the property for a successful transition to new ownership.”
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