For the second time in less than two years, ownership of a 155,613 square-foot Class A office building in North San Jose has changed hands.
The Blackstone Group officially acquired 2851 Junction Ave. from a real estate investment trust managed by Hines Interests LP on Nov. 16.
The deal is part of a larger agreement that was first announced in June to liquidate Hines REIT and sell seven West Coast office assets to Blackstone for $1.16 billion.
The sales price listed on county records for the 2851 Junction Ave. property was $76 million, but it’s important to note that as part of a larger portfolio sale, the listed sales price often doesn’t reflect the actual value of a property.
The Hines REIT bought the property in 2015 for approximately $86 million, or $553 per square foot. That deal represented a huge windfall for sellers TMG Partners and Alcion, who had picked up the property in 2012 for $41.8 million.
The property is currently the headquarters of TSMC North America, a subsidiary of Taiwan Semiconductor Manufacturing Ltd.
Other West Coast properties sold as part of the Hines REIT liquidation includ e 1900 and 2000 Alameda in San Mateo.