SAN JOSE — A North San Jose office campus home to multiple tech companies was acquired at a price that is well above what the property was sold for just five years ago, public records show.
Los Angeles-based real estate investment firm Preylock Holdings bought the campus known as Assembly at North First for $264.9 million, documents filed on Sept. 30 with the Santa Clara County Recorder’s Office show.
The purchase price is 9.3% above the latest assessed value of 242.3 million for the property as of January.
Exeter Real Estate Group, the seller in the deal, paid $192 million in 2021 for the six-building campus near the corner of North First Street and Headquarters Drive, according to public documents.
“The campus was able to attract a top investor because it has a strong tenant base of artificial intelligence, advanced manufacturing and robotics companies,” said David Sandlin, an executive vice president with commercial real estate firm Colliers.
With addresses that include 3940, 3950, 3930 and 4000 North First St. and 90 Headquarters Drive, the campus totals 490,000 square feet. Newmark real estate executives Joe Kelly, Mike Saign, Shawn Kellenberger, and Eric Bluestein are the leasing agents for the property.
In recent years, the site has landed some significant tenants and is now 100% leased, sources familiar with the property said.
Tenants include Figure AI, which makes robots that are enhanced by artificial intelligence. Figure AI has been expanding at the site since its initial rental agreement. The tech hub’s other tenants include Logitech; Hark, an artificial intelligence startup; and Teradyne subsidiary LitePoint, a direct observation of the campus showed this week.
Newmark commercial real estate executives Steven Golubchik, Edmund Najera, Darren Hollak and Brendan Raney were marketing the building for sale, according to a real estate brochure that was circulated ahead of the transaction.
Preylock Holdings, through an affiliate, also landed $172.2 million in financing from Barclays Capital Real Estate at the time of the purchase, a public filing shows.