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1601 Technology Drive

Updated Dec 4, 2024

Kaiser Permanente Acquires 5.29-Acre Land In San Jose For $43.5M
SOLDLand

Kaiser Permanente Acquires 5.29-Acre Land In San Jose For $43.5M

1601 Technology Drive

$43,500,000

Building Size

—

Asset Type

Land

Closing

Nov 27, 2023

About this deal

AI

Kaiser Permanente has acquired a 5.29-acre land located at 1601 Technology Drive in San Jose for a price of $43,500,000. The property, previously owned by Hudson Pacific Properties Inc., was initially planned for an office building. This transaction reflects the changing trends in Silicon Valley's remote work and office vacancies. The land is situated near Kaiser Permanente's Skyport Medical Offices and the purchase aims to support the expansion of healthcare services.

Summary of transaction details

  • Property Type: Land
  • Sale Price: $43,500,000
  • Address: 1601 Technology Drive, San Jose
  • Market: San Jose
  • Buyer: Kaiser Permanente - Gregory A. Adams
  • Seller: Hudson Pacific Properties Inc. - Victor Coleman

This acquisition by Kaiser Permanente demonstrates their commitment to expanding healthcare services in the North San Jose area. The purchase of the 5.29-acre lot aligns with their strategic goals and allows for future development opportunities.

On the Map

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$43,500,000

Land

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Players

Greg A. Adams

Kaiser Permanente

Buyer

$334.3M

vol

6 deals

Buyer
Victor Coleman

Victor Coleman

Hudson Pacific Properties

Seller

$1.7B

vol

10 deals

Seller
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San Jose Land Market Snapshot

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.36%

Cash-on-Cash

-0.10%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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