DivcoWest has sold Tasman at North First, a three-building property in San Jose, Calif., for $160 million, according to media outlets. A South Korean investment group acquired the 317,612-square-foot office and R&D campus.
The Silicon Valley campus was completed in 1997 on 13.3 acres and is part of Cisco’s global headquarters in San Jose.
Investment activity in the Silicon Valley office market has fallen 84 percent year-over-year, measuring $345 million in total deal volume during the third quarter, down from $2.1 billion during the third quarter of 2019, according to Avison Young.
Although demand continues to be tempered, quarter-over-quarter activity began to stabilize in the third quarter, and sharp declines measured during the second quarter have begun to soften. As the tenants begin their gradual return to the office, and the economic engine begins to turn back on, the pace of recovery will become clearer across the market. There will continue to be
