TA Associates Buys San Jose Office/R&D Complex for $48.7MM

By Jon Peterson of The Registry SF. Read the full story here.

Boston-based TA Associates Realty has paid $196 per square foot or $48.7 million to acquire the 248,835 square foot North First Corporate Center in San Jose, according to sources aware of the transaction. The property fronts North First Street in the active San Jose submarket.

The buyer, which has a West Coast regional office in Newport Beach, did not respond to phone calls seeking comment for the story.

The seller was a venture between Campbell-based South Bay Development Company and Los Angeles-based PCCP, who have owned the property since the late 1990’s. South Bay declined to comment on the sales price due to a non-disclosure agreement that it signed with the buyer.

The companies sold the property through the San Jose office of Eastdil Secured, and one of the people involved in the trade was Greg Cioth, a manager director for the company.