TMG Partners Acquires 435,000 SF Skyport Plaza Office, Retail Complex in San Jose, California
Why this matters
Office continues to trade in two distinct markets: trophy assets in walkable submarkets that are leasing at or near record rents, and commodity Class B and C buildings where the basis is still resetting. Underwriting on the latter has moved toward replacement-cost-minus, with credit underwriting now leaning on tenant covenant and remaining lease term rather than mark-to-market expectations. San Francisco continues to clear office at the deepest discounts to 2019 basis seen in the cycle, while multifamily fundamentals have stabilized and life sciences in the Peninsula remains active. For LP-positioned capital, the read-through is that the bifurcation is now a structural feature of the sector, not a cycle to wait out.
Editorial analysis · Real Estate Trail Editorial
On the RET wire
- The 105th San Francisco story tracked on the wire in October 2026. All San Francisco coverage →
- Disclosed office deal value tracked in October 2026: $6.1B across 28 reported transactions. All Office coverage →
Computed from Real Estate Trail’s own tracked coverage
SAN JOSE, CALIF. — TMG Partners, in partnership with accounts managed by global investment firm KKR, has purchased Skyport Plaza, an office and retail complex at 1650 and 1700 Technology Drive and 50 and 90 Skyport Dr…
External link. Real Estate Trail does not republish source content.
Related coverage — San Francisco · Office
San Jose Adds 15,000 Jobs in 2026, but Only About 1,000 Fill Office Desks
The San Jose metro is forecast to grow employment 1.3 percent this year, yet Marcus & Millichap expects office-using sectors to contribute only about 1,000 positions after losing roughly 32,000 white-collar jobs in 20…
TMG, KKR Acquire San Jose’s Skyport Plaza from Hudson Pacific
TMG Partners has acquired Skyport Plaza, a 435,000-square-foot office and retail complex located at 1650 Technology Dr., 1700 Technology Dr., 50 Skyport Dr. and 90 Skyport Dr. in San Jose. TMG Partners acquired the as…
TMG Partners, KKR Buy Vacant 435K SQFT Skyport Plaza in San Jose for $75.5MM, Sign 30-Year Lease with Santa Clara County
Two empty office towers in North San Jose formerly occupied by Qualcomm have found a buyer and a tenant at the same time. A developer bought the property for about half the average price of Silicon Valley office sales…
Brannan Street Becomes San Francisco’s Big-Deal Hub as SOMA Leads Q3 With 484,000 SQFT Absorbed
With three of the third quarter's six leases of 100,000 square feet or more landing in South of Market, San Francisco's biggest office deals are shifting away from the South Financial District, with South of Market le…
Brex and Cognition Trade 41,000 SQFT of Starter Space for 380,000 SQFT in SOMA, Testing San Francisco’s Startup Pipeline
As fast-growing AI and tech companies jump from 16,000- and 25,000-square-foot suites into full SOMA buildings, CBRE's Q3 2026 San Francisco office report shows nearly half of the city's 8.4 million square feet of ten…
San Francisco Posts Nation’s Fastest Office Visit Growth at 12.2% as AI Boom Pulls Workers Back
San Francisco office buildings drew 12.2 percent more visits in September than a year earlier, the fastest annual gain of any major U.S. market in Placer.ai's latest office index, as an AI-driven leasing surge helped…