1001 Ridder Park, 1717 and 1751 Fox, North San Jose, CA
- 238,000 SF office/R & D property, purchased at well below replacement cost.
- Significant investment from previous owner resulted in high quality creative office buildout.
- Well-located in an amenity-rich area in North San Jose. Strong tenant and investor demand in the market driven by Apple, Google and other technology tenants moving south.
- Long-term leases in place for 89% of the space with credit tenants, producing excellent current cash yield with rents 25% below market.
- A significant portion of project is dark due to a recent merger of anchor tenant.
- Graymark is working with the two existing tenants on buyout and repositioning strategies to maximize value of this asset.
- Once tenant restructures finalize, we will proceed on a moderate reposition that will allow us to achieve market rents in a high demand market