KBS has completed the disposition of The Almaden, a three-building Class A office campus in downtown San Jose that serves as the global headquarters location for Zoom. The property, totaling 416,126 square feet, is located at 55 Almaden Blvd. and consists of a multi-tenant office environment positioned in the city’s central business district. The sale transfers control of the campus from a non-traded real estate investment trust to a new institutional buyer focused on office assets.
The Almaden was held by KBS Real Estate Investment Trust III, Inc., which originally acquired the complex in 2015 for $150 million. During its ownership period, KBS executed a capital investment program aimed at maintaining and enhancing the property’s Class A profile in the competitive San Jose office market. SFF Realty Partners has now purchased the campus for an undisclosed price, marking a notable change in ownership for one of downtown San Jose’s better-known office properties.
According to KBS, the transaction represents the largest multi-tenant office sale in San Jose since the onset of the pandemic, underscoring the relative scarcity of sizable institutional office trades in the market in recent years. The deal therefore stands out in terms of transaction volume for multi-tenant assets in the city’s core, particularly given the broader slowdown in office investment activity nationally.
Newmark advised on the disposition, with a team led by Steven Golubchik, Edmund Najera and Darren Hollak representing KBS in the sale. Their assignment covered marketing the asset, engaging prospective buyers, and negotiating final transaction terms on behalf of the seller. The involvement of a national brokerage platform reflects the institutional scale of the campus and the importance of the deal within the local office investment landscape.
Tim Helgeson, senior vice president and investment manager for The Almaden at KBS, noted that the exit was supported by proactive asset management and extensive upgrades to the property. He stated that more than $49 million in capital improvements were completed during KBS’s ownership, which he said helped the campus maintain its competitive position in the marketplace. Helgeson added that these initiatives contributed to positioning The Almaden for a smooth handoff to SFF Realty Partners and a successful transition to new ownership.
