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Ocean West, Hana Alternative Pay $132.5M for Office Park Leased to eBay

Net Lease Capital Advisors Sells 250,000-SF Campus in San Jose
June 22, 2018
The 62,560-square-foot Building 3 at Lincoln Technology Park in San Jose, CA

A joint venture between Ocean West Capital Partners and Hana Alternative Asset Management purchased four office buildings totaling 249,832 square feet in San Jose, CA from Net Lease Capital Advisors. North First Commons sold for $132.5 million, or about $530 per square foot.

The Class B buildings at 2515-2545 N. 1st St. are fully leased to to eBay. Lincoln Property Co. developed the two-story structures in 2001 on more than 14 acres across from the Component light rail station.

Since its launch in 2009, Ocean West has acquired and operated office and multifamily investments valued over $1.5 billion and completed more than $3.5 billion of transactions, according to its website.

"The sale of North First Commons is a demonstration of the incredible demand for office product in North San Jose. This demand will continue as more good news hits the market relating to new leasing activity," said Steven Golubchik, vice chairman of Newmark Cornish & Carey, in a statement.

Golubchik, along with Edmund Najera, Tim Walling and David Hosler with Newmark Cornish & Carey, represented the seller in the transaction.

Please refer to CoStar COMP #4292404 for additional information regarding this transaction.

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