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Sale of Real Estate Properties in the Silicon Valley Area of the U.S.

  • Investment
Exterior View of HQ @ First
Exterior View from Above

We hereby announce that on July 30, 2021 (Japan time: July 31), Mori Trust Co., Ltd. (Head Office: Minato-ku, Tokyo; President: Miwako Date) sold its real estate properties HQ @ First (three office buildings and one parking garage, hereinafter “the properties”) located in the city of San Jose, California, in the Silicon Valley area of the United States, through its U.S. subsidiary MORI America LLC.

From its foundation, our company has aimed to construct asset portfolios based on “selection and concentration.” As one of the key strategies of our “Advance 2027” medium- and long-term vision formulated in 2016, our company has raised the goal of “investment in overseas real estate” with a scale of up to 200 billion yen.

We acquired the properties in March 2019 because they are large-scale and high-quality properties that have obtained Gold certification under the LEED environmental performance evaluation system and are located in a high-growth area where offices and laboratories of some of the world’s leading high-tech corporations accumulate.

The properties, which are relatively new buildings and fully occupied by prime tenants, are highly regarded by investors as stable assets. Since investment demand was strong, we decided to sell the properties after owning them for about 2 years and 4 months.

Our company will continue to actively promote domestic and overseas real estate investment under strategies focusing on stability, sustainability, and growth potential with the aim of realizing stable growth of the Group in response to global economic and social changes.

Overview of the Properties Sold

Property Name 110 Holger Way 120 Holger Way 130 Holger Way
Property Address 110 Holger Way, San Jose, CA 120 Holger Way, San Jose, CA 130 Holger Way, San Jose, CA
Site Area Approx. 9.7 acres
Rentable Area 約13,010㎡ (140,043 sq. ft) 約21,143㎡ (227,583 sq. ft) 約21,929㎡ (236,040 sq. ft)
Total: 603,666 sq. ft
No. of Floors 4 floors above ground 7 floors above ground 7 floors above ground
Property Type Offices, Parking garage (1,687 spaces)
Construction Type Steel-Frame
Year Built 2010
Date of Acquisition March 11, 2019 (Japan time: March 12)
Date of Sale July 30, 2021 (Japan time: July 31)

Overview of the Deal

The properties were sold to KKR Real Estate Select Trust Inc., a fund established by KKR. There are no capital, personal, or business relationships that need to be stated between our company and the counterparty. The deal was completed through the brokerage by Newmark.

Overview of Local Subsidiary

Company name :MORI America LLC
Registered Office Address:251 Little Falls Drive, Wilmington, DE 19808 U.S.A.
Date of Establishment :November 7, 2016
Business Content :Real estate business in the United States