TMG Partners has won awards for many projects
including honors for “Best Mixed Use,”
“Best Office,” and “Best Historic Rehabilitation”.
TMG Partners and real estate investor Alcion Ventures LP have teamed up in the purchase of a 111k sf property in North San Jose. The property, located at 3055 Orchard Dr, south of Montague Expwy and west of 1st St, was sold by a joint venture of Lane Partners and JER Partners, a real estate investment management firm based in McLean, Va. The price was not disclosed.
Currently vacant, TMG and Alcion will invest $2 mil to $3 mil in the next six months to renovate the building. Planned improvements include all new mechanical systems, complete replacement of glass and glazing systems throughout the building, as well as a new two-story lobby and renovated landscaping.
"North San Jose is uniquely positioned to benefit from the strong growth in Silicon Valley," said TMG Managing Director David Cropper. "With Silicon Valley's robust business climate, continued growth at Google and Apple and improving leasing velocity throughout the region, North San Jose is logically situated to absorb the need for more office space."
The North San Jose purchase is the third acquisition by TMG and Alcion. The joint venture acquired the Hamm's Building at 1550 Bryant St in San Francisco in May. In the fall of 2011, TMG and Alcion purchased the three building, 234k sf Legacy Bayside Business Park in Fremont.