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KKR Acquires Office Portfolio In San Jose For $535M

Property Image
SOLD
$535,000,000

California

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Office603,666 SF
Sold 08/03/2021
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Property Image
SOLD

KKR Acquires Office Portfolio In San Jose For $535M

110 Holger Way, San Jose, CA, USA

See Similar Deals
Office603,666 SF
Sold 08/03/2021
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Summary

CALIFORNIA
Asset Type:Office
Price Per Square Foot:$886
Total Square Footage:603,666 SF
Transaction Type:Sale

110, 120 & 130 Holger Way, an office property located in San Jose, was recently sold in a transaction valued at $535,000,000. The property spans a total area of 603,666 square feet, resulting in a price per square foot of $886. The sale took place on August 3, 2021. The buyer of the property was KKR, while the seller was Mori Trust Co. The deal was facilitated by Steven Golubchik, Edmund Najera, Jonathan Schafler, and Darren Hollak of Newmark.

Summary of Transaction Details:

  • Property Type: Office
  • Sale Price: $535,000,000
  • Square Footage: 603,666
  • Price Per Square Foot: $886
  • Date: August 3, 2021
  • Market: San Jose
  • Address: 110, 120 & 130 Holger Way
  • Buyer: KKR
  • Seller: Mori Trust Co.
  • Brokers: Steven Golubchik, Edmund Najera, Jonathan Schafler, and Darren Hollak - Newmark

The sale of 110, 120 & 130 Holger Way was a significant transaction in the San Jose market. The involvement of KKR as the buyer and Mori Trust Co. as the seller further highlights the importance of this deal. Steven Golubchik, Edmund Najera, Jonathan Schafler, and Darren Hollak of Newmark played a crucial role as the brokers representing the parties involved in the transaction.

Players

Darren Hollak
15 deals$1.3B volume
BROKER

Edmund Najera
Newmark
12 deals$1.3B volume(408) 987-4193
BROKER

Steven Golubchik
Newmark
19 deals$2B volume
BROKER

KKR
BUYER


KKR
LENDER

Details

SOLD
IMAGE: Steven Golubchik, Edmund Najera, Jonathan Schafler & Darren Hollak DATE: 08/03/2021 MARKET: San Jose ADDRESS: 110, 120 & 130 Holger Way ASSET TYPE: Office BUYER: KKR SELLER: Mori Trust Co. BROKERS: Steven Golubchik, Edmund Najera, Jonathan Schafler & Darren Hollak - Newmark SALE PRICE: $535,000,000 SF: 603,666 ~ PPSF: $886

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$28,533,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$1,900,742.01
Cash-on-Cash Return-1.27%
Monthly Debt Service$2,536,172.94
Annual Debt Service$30,434,075.33