Newport Beach real estate investor Irvine Co. has sold a trio of office buildings in San Jose for $18.5 million.
San Jose-based technology firm Super Micro Computer Inc. acquired the three buildings, which total about 167,000 square feet of space.
The sale works out to about $111 per square foot for the low-rise office complex.
The deal’s unique for Irvine Co., which rarely sells buildings it owns and isn’t believed to have shed any other office properties in its portfolio during the commercial real estate downturn.
Super Micro bought the buildings as part of a local expansion, according to the Silicon Valley/San Jose Business Journal, which first reported the news. Two of the buildings, located near the company’s existing headquarters, are reported to be empty.
A contract to sell the buildings was reached in May, but the deal closed last week, according to local reports.
Irvine Co., Orange County’s dominant landlord, owns one other office complex in San Jose. It also owns about 30 complexes in the Sunnyvale area, and two complexes in Milpitas, according to its website.
The company also owns buildings in Los Angeles and San Diego.
A partnership between Irvine Co. and Newport Beach’s California Diversified LLC had owned the San Jose buildings, according to regulatory filings. California Diversified lists its headquarters at the same building that Irvine Co. is based out of.
