NKF Capital Markets, operated by Newmark Group, a commercial real estate advisory firm, has sold the Gold Street Technology Center, a 302,600-square-foot office/R&D campus located in San Jose. The property encompasses five separate, two-story steel-frame buildings at 2100, 2130, 2150, 2160 and 2190 Gold Street.
Gold Street Technology Center provides high visibility and signage from its location on Highway 237. The five buildings are 88 percent leased and anchored by the global headquarters of TiVo Corporation. Gold Street Technology Center also features green belts, fountains, courtyards, volleyball and basketball courts.
NKF Capital Markets vice chairmen Steven Golubchikand and Grant Lammersen and executive managing director Edmund Najera represented the seller, ECP, in the transaction to the buyer, PSAI Realty Partners.
Silicon Valley remains a center for innovation and technological advancement. According to Colliers, demand for quality real estate for all product types is outpacing supply, substantiated by rising rents and accelerated construction.
The beginning of 2018 saw numerous transactions from technology giants such as Google, Facebook and Amazon, which resulted in a positive quarter in both commercial property leasing and sales activity.
Silicon Valley leasing activity reached 5.3 million square feet in the first quarter, up 8.2 percent year over year, from first quarter 2017, but down 27.1 percent from the previous quarter. Silicon Valley experienced a strong 1.6 million square feet of positive net absorption, marking the fifth consecutive positive quarter. Total availability sits at 29.9 million square feet, translating to an overall availability rate of 8.6 percent, 29 basis points higher than one year earlier, according to Colliers.
