{"id":1004151099,"date":"2016-08-28T23:11:45","date_gmt":"2016-08-29T07:11:45","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004151099"},"modified":"2021-05-14T21:17:20","modified_gmt":"2021-05-15T05:17:20","slug":"tmg-partners-bets-on-san-jose-tech-scene","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/tmg-partners-bets-on-san-jose-tech-scene\/","title":{"rendered":"TMG Partners Bets on San Jose Tech Scene"},"content":{"rendered":"<p>By Scott Baltic, Contributing Editor<\/p>\n<div id=\"attachment_1004151100\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/1D23A1A5-CD71-4E56-8334-F0BD39423294.png\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004151100\" data-attachment-id=\"1004151100\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/tmg-partners-bets-on-san-jose-tech-scene\/1d23a1a5-cd71-4e56-8334-f0bd39423294\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/1D23A1A5-CD71-4E56-8334-F0BD39423294.png\" data-orig-size=\"950,594\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"1D23A1A5-CD71-4E56-8334-F0BD39423294\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/1D23A1A5-CD71-4E56-8334-F0BD39423294.png?w=950\" loading=\"lazy\" class=\"wp-image-1004151100 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/1D23A1A5-CD71-4E56-8334-F0BD39423294.png\" alt=\"2480 N. First St., San Jose, Calif.\" width=\"300\" height=\"188\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/1D23A1A5-CD71-4E56-8334-F0BD39423294.png 950w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/1D23A1A5-CD71-4E56-8334-F0BD39423294.png?resize=300,188 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/1D23A1A5-CD71-4E56-8334-F0BD39423294.png?resize=768,480 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004151100\" class=\"wp-caption-text\">2480 N. First St., San Jose, Calif.<\/p><\/div>\n<p><strong>San Francisco<\/strong>\u2014Bay Area developer <a href=\"https:\/\/www.tmgpartners.com\/\" rel=\"nofollow noopener\" target=\"_blank\">TMG Partners<\/a> has purchased a pair of office buildings in a section of San Jose, Calif., that appears to be taking off as even more of a tech hub than it already is. TMG announced its acquisition of 2460 and 2480 N. First St., which total 148,000 square feet, last Thursday.<\/p>\n<p>The seller was <a href=\"https:\/\/www.tarealty.com\/\" rel=\"nofollow noopener\" target=\"_blank\">TA Associates Realty<\/a> of Boston, which had acquired the buildings in a January 2007 portfolio sale by Equity Office Properties Trust.<\/p>\n<p>The financials on the transaction were not released, and TMG Partners declined to provide requested additional information to <em><a href=\"https:\/\/www.commercialsearch.com\/news\/\" target=\"_blank\" rel=\"noopener\">Commercial Property Executive<\/a><\/em>.<\/p>\n<p>The two Class B buildings were completed in 1986, according to data from <a href=\"https:\/\/www.yardimatrix.com\/\" rel=\"nofollow noopener\" target=\"_blank\">Yardi Matrix<\/a>. One of the buildings\u2019 tenants is Google, which occupies 37,000 square feet at 2460 N. First St.<\/p>\n<p>The asset is positioned directly across First Street from a 43-acre development parcel, the former site of a chip fab and also known as the North First Campus, that was purchased by Apple in August 2015 for a reported $138 million. Apple has also bought two other major parcels along North First Street in the past six months, according to TMG Partners.<\/p>\n<p>\u201cAs TMG continues investing in the San Jose market, this acquisition provides an excellent opportunity to participate in a quickly growing neighborhood of dynamic players,\u201d Matt Field, chief investment officer with TMG Partners, said in a prepared statement. \u201cOur plan includes major renovations to the building systems, common areas and landscaping. With Apple\u2019s major campus planned directly across North First Street, the neighborhood continues to thrive as a significant technology hub.\u201d<\/p>\n<p>The two properties\u2019 location is in a part of Silicon Valley that\u2019s home to major tech companies such as eBay, Cisco, Broadcom, Philips, Samsung, Qualcomm and Texas Instruments. The site offers quick access to I-880, Highway 101, SR 237 and Montague Expressway, is within minutes of the Mineta San Jose International Airport, and is only a very short distance from the Component station on the Santa Clara Valley Transportation Authority\u2019s light rail system.<\/p>\n<p>The project was listed and sold by Steve Hermann and Eric Fox of Cushman &amp; Wakefield.<\/p>\n<p><em>Image courtesy of TMG Partners<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The two office buildings acquired by TMG are home to tenants such as Google and located near Apple&#8217;s future North First Campus.<\/p>\n","protected":false},"author":882,"featured_media":1004151100,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,21742,21747,1609,21787,15],"tags":[],"class_list":["post-1004151099","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-latest","category-office","category-san-francisco","category-technology","category-west"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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