TMG Partners And KKR Acquire Skyport Plaza In San Jose For $75.5 Million

A mixed-use asset located at 1700 Technology Drive in San Jose, CA, was sold for $75,500,000. The property encompasses a total of 435,000 square feet, translating to a price per square foot of $174.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $75,500,000
• Address: 1700 Technology Drive
• Market: San Jose, CA
• Square Footage: 435,000
• Price Per Square Foot: $174
• Buyer: Michael A. Covarrubias & Benjamin Kochalski - TMG Partners; Joseph Bae & Scott Nuttall - KKR
• Seller: Victor Coleman - Hudson Pacific Properties

The acquisition was made by a partnership between KKR and TMG Partners, who purchased the largely vacant Skyport Plaza from Hudson Pacific Properties. The Santa Clara County is expected to lease both office buildings under a 30-year agreement, starting in 2029, following planned renovations to the property.