Gahrahmat Management has picked up a 64,300-square-foot office building near Google’s corporate offices in north San Jose for $10.8 million.
The Santa Clara-based property management firm bought the one-story building at 3939 North First Street, the Silicon Valley Business Journal reported. The seller was Office Properties Income Trust, based in Massachusetts.
The deal works out to $168 per square foot. The building, built in 1984, sits on 4.3 acres with parking for 231 cars.
Its sale was part of a sell-off by Office Properties Income Trust, which owns more than 750,000 square-feet of Silicon Valley offices, according to its digital portfolio.
The real estate investment trust was under agreement, as of July, to sell 12 of its properties for about $93.5 million, company President Yael Duffy said in a second-quarter regulatory filing.
OPI intended to close the sales by year end, Duffy said.
Last year, OPI sold eight of the 160 properties that made up its portfolio, according to a February earnings call.
Earlier this year, the REIT listed its largest South Bay property for sale in Santa Clara for an undisclosed price, according to the Business Journal. The two-building campus had served as headquarters for software developer ServiceNow.
The office building on North First Street was one of its smaller Silicon Valley properties.
The buyer, Gahrahmat Management, shares an address with Gahrahmat Properties, led by Max Gahrahmat. Gahrahmat Management, founded in 2002, is led by Mahmood Gahrahmat, according to state business records.
— Dana Bartholomew
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