Group purchases eBay office campus for $132.5 million
North San Jose complex bought by investors affiliated with firm in South Korea
SANJOSE » A big office campus occupied by eBay has been bought for more than $130 million by investors with ties to South Korea, public records show.
KT North First, an affiliate of South Korea-based Hana Asset Management and Southern California-based Ocean West Capital Partners, paid $132.5 million for a 250,000- square-foot office campus that contains four buildings and is located on North First Street near Component Drive, according to Santa Clara County property records.
The buying group also obtained an $88.1million loan from Deutsche Bank, county documents show.
The buyers also have been involved in other high-profile deals. Among those, the July 2017 purchase of an office complex that contains theWashington, D.C. headquarters of NASA, the nation’s space agency; and an October 2017 effort to purchase the Glendale headquarters of DreamWorks Animation.
Apple, Google, Microsoft and Sam- sung have all bought large properties in north San Jose, including some deals on North First Street.
Cupertino-based Apple has assembled several properties in north San Jose into a site that would be large enough to accommodate a huge 85-acre campus for the iPhone maker.
Recently, at a site a few blocks away, developers proposed an ambitious project that the builders tout as a live-work complex of offices, homes and retail, which could help ease the region’s traffic woes.
Sand Hill Property, the developer and owner of the project site at the southwest corner of North First Street and Orchard Parkway, has requested a preliminary review of a proposal for 505,000 square feet of offices, 800 residential units and 13,000 square feet of retail on 9.3 acres.
Micron Technology, in amajor expansion of its Silicon Valley operations, has leased a big three-building campus near the interchange of State Route 237 and North First Street and will move into a complex that contains 541,000 square feet of offices.
The eBay office complex that has been purchased in north San Jose contains buildings located at 2515, 2525, 2535 and 2545 N. First St.
The purchase of the eBay office campus was completed on June 8 and was arranged by NKF Capital Markets, a commercial realty firm.
“The sale of North First Commons is a demonstration of the incredible demand for office product in north San Jose,” said Steve Golubchik, vice chairman of NKF Capital Markets.
A survey on Tuesday of the site showed that extensive construction activity was underway at the 2545 N. First St. offices at the site. eBay has moved into three of the four buildings that weren’t the site of construction activity.
San Jose- based eBay also has a big headquarters campus at 2025 Hamilton Ave. in south San Jose.
“This demand will continue,” Golubchik said of the leasing, investment and development activity in north San Jose.