A four-building office campus in North San Jose quietly traded hands on New Year’s Eve for $63.6 million, a price that drives home just how far Silicon Valley office values have fallen. The 251,400-square-foot complex, marketed simply as The Campus, sits at West Trimble Road and Orchard Parkway, and today the play is all about buying at a discount and re-tenanting instead of paying anything close to pre-pandemic multiples.
The Deal
According to The Mercury News, an affiliate led by DivcoWest acquired the property in an all-cash transaction that recorded on New Year’s Eve. County records reviewed by the outlet put the price at about $63.6 million and identify a real estate unit of MetLife as the seller. For 2026, it is one of the more visible South Bay office trades showing just how steep those markdowns have become.
Campus Background
The Campus consists of four buildings totaling roughly 251,400 square feet. The complex was originally constructed in the early 1980s, with a renovation completed in 2014 that helped modernize the site for tech and office tenants. Public property files and commercial listing data sketch out the footprint and ownership trail.
PropertyShark shows the property last sold in 2015 for about $95.9 million and provides parcel-level details that line up with the current configuration. Against that backdrop, the latest sale price reads like a clearance tag.
What’s Available
Leasing materials indicate that about 46,000 square feet remain available, with CBRE brokers Rob Shannon, Christian Marent and Vincent Scott leading the charge to fill the space. The campus brochure leans hard on lifestyle amenities: outdoor retreats with a fire pit, seating and shaded arbors, plus kitchen and barbecue setups aimed at coaxing workers back to a campus-style environment instead of their kitchen tables.
Those upgrades are a big part of why previous and current owners have tried to reposition the asset, and also why buyers today are insisting on hefty price breaks before they take on the risk of vacancy.
Where This Fits in the Market
Industry coverage shows this deal is not an outlier so much as part of a regional trend. Discounted office sales are cropping up across the Bay Area as investors chase value-add plays rather than trophy pricing. Instead of paying peak-era numbers, buyers are underwriting lower entry costs, then budgeting to re-lease and sometimes further renovate space to reel in tenants.
The roughly $63.6 million price tag translates into about a 33.7 percent drop from the 2015 sale price and sits around 44.8 percent below the most recent county-assessed value. Public records and listing information place the 2015 purchase at roughly $95.9 million and the assessed value near $115.3 million, a gap that neatly illustrates the difference between what is on the tax rolls and what investors are actually willing to pay.
That discount buys DivcoWest time, but also a project. The new owners face a multi-year effort to re-lease the empty suites, decide where to spend on capital improvements and wait for tenant demand to stabilize, or at least stop sliding.
DivcoWest has been actively picking up and repositioning Bay Area office properties in recent months, a pattern that shows up on the firm’s own news feed and in trade coverage. DivcoWest lists several regional transactions that signal an appetite for selective, discounted buys. For The Campus, the immediate task is straightforward if not easy: fill roughly 46,000 square feet of vacancy, then decide whether more upgrades or a long hold pencil out best in the current market.
