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May 18, 2016

TMG Partners Announces Sale of San Jose Property

Multi-Housing News

Jeffrey Steele

Bay area mixed-use property developer TMG Partners has announced the sale of 250 West Tasman Drive, a 99,550-square-foot building at Champion Station.

San Francisco-Bay area mixed-use property developer TMG Partners has announced the sale of 250 West Tasman Drive, a 99,550-square-foot building at Champion Station.

TMG purchased the eight-structure, 810,000-square-foot development from Cisco Systems in 2013, and immediately launched a significant renovation of the exteriors, interiors and common-area amenities of the building. Also established was a master signage and branding program. The next year, TMG sold four buildings to an investor. The remainder of the development is occupied by ForeScout Technologies and Silver Spring Networks.

The buyer was represented by Kidder Mathews' Skip Whitney and Eric Bluestein, partners, executive vice presidents and head and member of the China Services team respectively.

The seller was represented by Colliers' Craig Fordyce and Mike Rosendin, and JLL's Scott Mathison.

Champion Station is located at an important light rail stop, within walking distance of retail on North First Street and approximately one-half mile from Levi's Stadium.

"San Jose is seeing particularly strong interest from both local and global companies," said David Cropper, director of development for TMG Partners. "The mixed-use nature of the North San Jose market has become increasingly compelling to today's technology tenants, and we're pleased our renovations have further supported attracting substantial companies to the area where their employees can bike, ride the train, charge their electric cards, live across the street and walk down the street to restaurants and events at Levi's Stadium."

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