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Dec. 19, 2012

TMG Partners Acquires Recently Vacated Office Property, Seeks to Improve Existing Space

By Alex Girda, Associate Editor

A vacant North San Jose office building was recently acquired by San Francisco-based real estate company TMG Partners. The buyer acquired the Class A property with the aid of equity partner Alcion Ventures LP. The seller was real estate investment company Kaufman Jacobs, based in Chicago.

The deal was perfected for an undisclosed amount, with the buyers representing themselves and Kaufman Jacobs employing Mark Ziemendorf—a representative of Cornish & Carey Commercial Newmark Knight Frank.

The Montague Park-located office building stands at 2851 Junction Ave. in the northern part of San Jose and offers potential tenants 153,000 square feet of Class A office space. The building was completed in 2002 and has housed offices of the county of Santa Clara.

The building is now empty, a situation that will help the new owner with its plans to renovate quite a bit of the property while completely rethinking the lobby, common areas, restrooms and outdoor eating areas. Additionally, brand new sustainable landscaping and electric vehicle-charging stations will also be introduced.

Upcoming works at the site were confirmed by TMG Partners CEO Michael Covarrubias, who stated that the company “will have the opportunity to further renovate and improve in order to continue to take advantage of the strong tenant demand for institutional quality buildings.”

Active for the past 28 years, TMG was founded and headquartered in San Francisco. The company is a full-service real estate developer and property manager that has had a hand in developing around 20 million square feet of commercial real estate throughout the Bay Area.

Image courtesy of loopnet.com

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