Big north San Jose tech campus is bought in nearly $200 million deal – Pacifica Tribune

SAN JOSE — A big north San Jose tech campus has been bought by a veteran investment group from the East Coast with a global reach.
Assembly at North First, a 27-acre office complex in north San Jose, has been bought for $192 million by affiliates controlled by Pennsylvania-based Exeter Property Group, according to documents filed on Sept. 30 at the Santa Clara County Recorder’s Office.
The seller was an alliance headed by ProspectHill Group, SKS Partners, and Invesco Real Estate, the county documents show.
Assembly at North First is located on several parcels totaling 27 acres near the corner of North First Street and Headquarters Way in San Jose. The campus remains unoccupied by tenants.
The complex was originally envisioned as a tech campus that in recent years caught the attention of search giant Google, which was contemplating a purchase of the property.
Google ultimately decided to buy other office buildings nearby in north San Jose.
Starting in 2020, amid the coronavirus outbreak, a team from commercial real estate firm Colliers began to market The Assembly at North First as a campus geared towards biotech, medical and life sciences companies, as well as tech firms.

At full buildout, Assembly at North First would consist of six office buildings totaling 489,100 square feet. At present, the campus consists of three buildings totaling 300,100 square feet, according to a marketing brochure that Colliers has circulated.
The addresses of the just-bought San Jose buildings are 3930, 3940, 3950 and 4000 N. First St., and 90 Headquarters Way, county documents show.
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