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