Silicon Valley Office Building Trades for $15M

The downtown San Jose asset last changed hands three years ago.

2 N. First St.

A 43,400-square-foot office building in downtown San Jose, Calif., traded for $14.6 million, according to public records.

CommercialEdge data lists the previous owner as California-based company Leisure Sports. The asset last traded in 2018 for $15.5 million. Additionally, the asset was subject to a $12 million loan from Fremont Bank, set to mature at the end of the year. The Mercury News identified the buyer as a group of private investors led by Florian Barth.

Located at 2 N. First St., the six-story building is a few blocks from San Jose State University, 1 mile north of Interstate 280 and close to a future BART Silicon Valley Phase II station. Completed in 1948, the property houses Founders Floor, VTA and A3Cube.

With the market going into a recovery phase, Silicon Valley was no stranger to office deals lately, some of them with hefty price tags. Earlier in April, Tishman Speyer spent $365 million for NetApp’s headquarters campus in Sunnyvale. The seller will relocate later in the year to a hybrid work-oriented office. And just a few days earlier, Brookfield shelled out $630 million for a Mountain View campus leased to WeWork and occupied by Facebook as part of an enterprise lease.

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