SAN JOSE — Two large office buildings in San Jose have been purchased by a Bay Area real estate company in a deal that shows investors are still hungry for commercial properties in the region’s tech hubs.
The buildings, located on Orchard Parkway north of San Jose, were purchased for $41.5 million, according to documents filed Dec. 13 with the Santa Clara County Recorder’s Office.
San Carlos-based WF Batton Management Co., a real estate investment and development company, purchased the two office and research properties acting through an affiliate, according to county real estate files.
The Batton Company purchased the buildings in an all-cash transaction.
The seller was a related subsidiary of Boston-based TA Realty, according to state business records and county property files.
CBRE, a commercial real estate company, has sought tenants for at least one of the buildings, according to a marketing brochure distributed by CBRE brokers Bob Steinbock and Christian Marent.
The buildings purchased by WF Batton have addresses 2580 and 2590 Orchard Parkway. Each building totals approximately 48,000 square feet.
The purchase marks the second transaction in recent weeks involving office and research properties in this section of North San Jose that have been purchased by a Bay Area group.
Three large office buildings in San Jose that are leased to tech companies were purchased in November in a deal that also points to a robust office market in Silicon Valley despite growing economic turmoil.
The buildings purchased in the prior transaction are located at 541 E. Trimble Road, 2520 Junction Ave. and 2560 Junction Ave., according to public county documents filed Nov. 10.
A group led by Matt Morey, Nancy Wallace and Adam Morey, who are executives of Mountain View-based Peninsula Building Materials, paid just under $94.7 million for the buildings on Trimble Road and Junction Avenue.