eBay north San Jose campus is bought for $132.5 million

SAN JOSE — A big office campus that’s occupied by eBay has been bought for more than $130 million, public records show.

The 250,000-square-foot office campus contains four buildings and is located on North First Street near Orchard Parkway. The property acquisition 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.

Apple, Google, Microsoft and Samsung have all bought large properties in north San Jose, including some deals on North First Street.

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.

The eBay office complex that has been purchased in north San Jose contains buildings located at 2515, 2525, 2535 and 2545 N. First St. A survey on Tuesday of the site showed that extensive construction activity was underway at the 2545 N. First St. offices.

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.

Source: mercurynews
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