URGENT UPDATE: Rosendin Electric, a historic electrical contractor founded in a San Jose garage in 1919, has just finalized the acquisition of The Orchards, a significant research and office complex in San Jose. This strategic purchase, valued at $23 million, positions Rosendin to consolidate multiple operations into a unified work hub, significantly impacting the local business landscape.
The transaction, confirmed by official records filed with the Santa Clara County Recorder’s Office on August 29, involves two buildings located at 3000 and 3030 Orchard Parkway. The deal reflects a growing trend of interest in the San Jose office market, highlighting the area’s economic vitality as companies seek to establish robust operational bases.
Barings, a prominent real estate investment firm, sold the 144,900-square-foot property. Reports indicate that an affiliate of Barings not only received the $23 million for the buildings but also an undisclosed amount from two departing tenants who terminated their leases, showcasing the competitive nature of San Jose’s real estate market.
Commercial real estate brokers from Newmark—Joe Kelly, Jon Mackey, Steven Golubchik, and Edmund Najera—along with Colliers broker Michael Rosendin, facilitated this vital transaction. Their involvement underscores the increasing demand for office space in north San Jose, as businesses continue to expand and relocate.
Recent comparable transactions further illustrate this trend. In June, E Ink Corp. acquired an office building at 3200 North First St. for $22.7 million, while Vibrant Wellness purchased a property at 3100 North First St. for $17.5 million in September to support its expansion. These moves signify a robust interest from various sectors in establishing a footprint in the thriving San Jose area.
Moreover, other notable transactions include Goodwill of Silicon Valley‘s acquisition of a new headquarters site at 1600 Technology Dr. and Nvidia‘s ongoing improvements on its office building at 300 Holger Way. Archer Aviation also secured a lease for a building at 10 West Tasman Dr. previously taken back by a lender.
As Rosendin Electric prepares to transition its operations into The Orchards, local businesses and employees are poised to benefit from enhanced collaboration and resources central to this new work hub. The urgency of these developments suggests a dynamic shift in the San Jose commercial real estate landscape, making it a focal point for future business growth.
Watch for further updates on how Rosendin plans to utilize this space and what it means for the broader San Jose economy. The bustling activity in the office market is a clear indicator of the region’s resilience and potential for continued expansion.
