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First Street Thrives as Technology Hub

SAN JOSE—The Golden Triangle has long been known as one of the most desirable trade areas in Silicon Valley and is home to tech greats such as eBay, Cisco, Broadcom, Philips, Samsung, Qualcomm and Texas Instruments.

By Lisa Brown | lisabrown | | Updated on September 01, 2016
Office acquisition 2460 and 2480 North First St. total 148,000 square feet.
SAN JOSE—The two office buildings located at 2460 and 2480 North First St. total 148,000 square feet and share close proximity with several recent major transactions by tech titans Apple and Google , the latter of which also rents nearly 37,000 square feet at 2460 North First Street. Apple closed three major purchases along North First Street during the past six months, including the 43-acre development parcel known as the North First Campus located across the street from 2460 and 2480 North First Street. TMG Partners recently acquired the two First Street office properties as a way of keeping a finger on the pulse of tech activity. “As TMG continues investing in the San Jose market, this acquisition provides an excellent opportunity to participate in a quickly growing neighborhood of dynamic players,” said Matt Field , chief investment officer of TMG Partners. “Our plan includes major renovations to the building systems, common areas and landscaping. With Apple’s major campus planned directly across North First Street, the neighborhood continues to thrive as a significant technology hub.” The properties sit in the heart of Silicon Valley’s Golden Triangle, long known as one of the most desirable trade areas in Silicon Valley and home to some of the world’s most notable technology companies including eBay, Cisco, Broadcom, Philips, Samsung, Qualcomm and Texas Instruments . The property also enjoys quick access to Interstate 880, Highway 101, State Route 237 and Montague Expressway. It also has convenient light rail service and is within minutes of Mineta San Jose International Airport. Field tells GlobeSt.com: “TMG has been active in San Jose for decades and this is a continuation of our commitment to the consistently strong market economics for technology and other major business. We have again identified a well-positioned property that will benefit from strategic improvements, making it all the more attractive to these users.” The project was listed and sold by Steve Hermann and Eric Fox of Cushman & Wakefield .   

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