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2825 North First Street

Updated Dec 4, 2024

Miltenyi Biotec Acquires Office Building In North San Jose For $34.1M
SOLDOffice

Miltenyi Biotec Acquires Office Building In North San Jose For $34.1M

2825 North First Street

$34,100,000

$658/SF

Building Size

51,800 SF

Asset Type

Office

Closing

Oct 5, 2023

About this deal

AI

A 51,800 sq ft office and research building located at 2825 North First Street in North San Jose was purchased by German biotech firm Miltenyi Biotec for $34.1 million in an all-cash transaction. The seller of the property was Miramar Capital. The sale price of $34.1 million translates to a price per square foot of $658. This transaction highlights the value stability of Silicon Valley properties, particularly in the life sciences sector, despite any challenges in the broader market.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $34,100,000
  • Square Footage: 51,800
  • Price per Square Foot: $658
  • Address: 2825 North First Street
  • Market: North San Jose

Miltenyi Biotec, a German biotech firm, represented by Toon Overstijns, acquired the office and research building from Miramar Capital, with Paul Fuhrman representing the seller. This transaction demonstrates the continued interest in Silicon Valley properties, particularly in the life sciences sector, despite any challenges present in the broader market.

On the Map

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$34,100,000

$658/SF

Office

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Players

Paul Fuhrman

Miramar Capital

Seller

$511.1M

vol

8 deals

Seller
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San Jose Office Market Snapshot

Boundary boundary · Office · Sale transactions

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Deal FAQ

About $658 per square foot on a published $34.1M for 51,800 square feet (2023).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.47%

Cash-on-Cash

-0.13%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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