South Korea-based investment group buys Silicon Valley property for $160M
JLL teams represented both the seller and buyer for the site on the corner of Tasman and North First in San Jose
SAN FRANCISCO, Nov. 3, 2020 – JLL announced today that it has closed the $160 million sale of Tasman at North First, a three-building property totaling 317,612 square feet in San Jose, California.
JLL represented both the seller and the buyer.
This property consists of three tilt-up concrete, two-story buildings and is at 10 W Tasman Drive. Positioned on 13.3 acres, Tasman at North First is located adjacent to the VTA light rail Tasman Station stop, with connections to Caltrain, BART and the Mineta San Jose International Airport, and has high visibility and easy access to the US-101, CA-237 and I-880 corridors. This property is also located near Samsung, SK hynix, Micron and Google.
Built in 1997 as part of Cisco’s global headquarters in San Jose, these three buildings were all recently renovated in 2020. This property now features 942 above-ground parking spaces, 14 electric vehicle parking and charging stations, one 2,500-pound capacity hydraulic twin-post, hole-less passenger elevator per building and one rooftop HVAC unit per building.
JLL’s Capital Markets and Agency team members including Will Connors, Daniel Renz, Mark Bodie and Scott Mathisen represented the seller, DivcoWest, and JLL Silicon Valley team members Steven Chon and Sofi Choi represented the buyer, a South Korean investment group.
“We are working with a select group of South Korean investors securing long-term investments in the US, and this particular group was attracted to the Silicon Valley,” said Steven Chon of JLL. “The buyer, a South Korean holdings company, was laser focused on closing this deal even with the pandemic and their commitment showed. The strategic location and neighboring tech giants made the opportunity attractive for the stakeholders."
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory sales, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.