Who is the Buyer of the Sobrato-BEA-Oracle Building at 488 N Almaden Blvd?
Notable Deals June 18th, 2008Word is a buyer has been picked by Oracle Corporation (NASDAQ:ORCL). BEA paid about about $335 psf ($130M) in 2007 for the 388,000 square foot tower. You can read more about the story of the tower in a previous post. If I had to guess, I’d say the building will trade for significantly less than what BEA paid for it. It’s going to take a serious piece of equity to buy this vacant building and tenant it up.
I’m going to make a prediction here and say that the buyer is going to pay around $260-270 psf ($100-$104M) for the tower. And since we’re making predictions, I’ll predict the buyer is either (in this order): Legacy Partners, Boston Properties, or Tishman Speyer.
Anybody else want to make a prediction?
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Loading ...Tags: 488 N Almaden, BEA Systems, Commercial Real Estate, Commercial Real Estate Investing, Downtown San Jose, Legacy Partners, Office Space, Oracle, Sobrato
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June 18th, 2008 at 11:01 am
I think Sobrato will buy the building back.
June 18th, 2008 at 7:32 pm
Well, you named all the likely suspects, but I would add BPG Properties and DivcoWest to the list.