Credit union strikes deal for new headquarters
SAN JOSE >> A credit union has struck a deal that will enable it to shift its headquarters to San Jose and move its head offices out of Santa Clara.
KeyPoint Credit Union has bought a two-story office building at 2150 Trade Zone Blvd. in north San Jose, according to documents filed on Aug. 16 with the Santa Clara County Recorder’s Office.
The credit union will leave its current offices that are located at 2805 Bowers Ave. in Santa Clara.
KeyPoint paid $7.95 million for the Trade Zone building in San Jose, the county property documents show.
“We are pleased with the acquisition of the new facility and the opportunity it brings for new office designs to support the hybrid work model,” said Brad Canfield, KeyPoint’s president and chief executive officer.
The north San Jose building totals 34,000 square feet, according to a post on the LoopNet property service.
KeyPoint’s purchase of the office building in San Jose arrived in the wake of its sale in March of the credit union’s headquarters in Santa Clara for $37.5 million.
“The move is a part of KeyPoint’s strategic adoption of the hybrid work model and optimization of its physical HQ footprint,” the credit union stated in a prepared release.
The Santa Clara building totals 104,000 square feet and contains one of the credit union’s branches.
“KeyPoint is currently evaluating options for relocating the Bowers Branch,” the credit union stated.
Besides the site on Bowers Avenue in Santa Clara, the credit union’s branches are in north San Jose on Brokaw Road, Cupertino on North Wolfe Road, Dublin on Amador Valley Boulevard, Milpitas on East Calaveras Boulevard, and in the Santa Barbara County city of Goleta.
At the end of 2020, KeyPoint reported $1.5 billion in assets, a 15.4% increase from the $1.3 billion in assets the credit union reported at the end of 2019, according to an official regulatory filing by the financial firm.
In 2020, KeyPoint Credit Union generated net income of $38.8 million, a big increase from the $3.6 million in profits the credit union reported in 2019.
The new headquarters is expected to be a state-of-the-art and green office building once KeyPoint moves into the offices.
“The property (in north San Jose) is currently undergoing renovation in preparation for occupancy in early 2022,” KeyPoint stated in a prepared release.