Skip to content

KBS REIT II Sells Silicon Valley Office Building to Griffin REIT for $44 Million

KBS Real Estate Investment Trust II, a publicly registered non-traded real estate investment trust, sold 350 E. Plumeria Drive, a two-story office and research and development building in San Jose, to Griffin Capital Essential Asset REIT II, for $44 million. The property is 100 percent leased through 2025 to NETGEAR, a networking technology company.

“KBS is pleased to offer Griffin Capital Essential Asset REIT II, Inc. a well-located, stable property in one of the top-performing markets in the country,” said Brent Carroll, senior vice president at KBS.

350 E. Plumeria Drive totals 142,700 square feet and is located on approximately 8.11 acres in Silicon Valley’s Golden Triangle. The property is within one mile of the VTA Light Rail and near Mineta San José International Airport, the SAP Center and executive housing.

KBS REIT II purchased the property in December 2008 for $35.8 million.

Griffin Capital Essential Asset REIT II’s real estate portfolio is comprised of 16 properties (20 buildings) in 11 states with a combined acquisition value of $515 million, according to the company’s latest quarterly filing. The properties total approximately 3.4 million square feet and consist of office, industrial, distribution, and data center facilities.

KBS Real Estate Investment Trust II’s portfolio consists of 11 real estate properties and one real estate loan receivable.

KBS Capital Advisors is the external advisor to KBS real estate investment trusts, and is an affiliate of KBS Realty Advisors, a private equity real estate company and SEC-registered investment adviser founded in 1992. Since its inception, KBS-affiliated companies have completed transactional activity in excess of $31.5 billion via 14 separate accounts, six commingled funds, five sovereign wealth funds and seven non-traded REITs.

For more KBS related news, visit their directory page here.