LL 2851 Junction LLC’s $82 million acquisition of a big San Jose office building from The Blackstone Group

Jones Day has advised The Blackstone Group in the $82 million sale by its subsidiary BRE Junction Property Owner of a 156,000-square-foot, four-story office building at 2851 Junction Ave. in San Jose to LL 2851 Junction LLC.

the recent purchase of the 2851 Junction Ave. office building shows a quick $6 million price increase for the building.

In November 2016, only six months ago, Blackstone paid $76 million to buy the building from an affiliate controlled by Hines Interests, a realty investment firm.

And two years ago, in May 2015, Hines had paid $86 million to buy the same building from a venture headed by TMG Partners and Alcion Ventures.

The 2851 Junction Ave. building is fully leased to TSMC Technology, a unit of Asian semiconductor titan Taiwan Semiconductor Manufacturing Co. That suggests the new owners see the building as an investment rather than offices that need new tenants.

Jones Day has advised The Blackstone Group on the deal with a team led by Michael Haas and Stephen Mixter.

Involved fees earner: Michael Haas – Jones Day; Stephen Mixter – Jones Day;

Law Firms: Jones Day;

Clients: Blackstone;


Author: Ambrogio Visconti