SAN JOSE — An office hub in San Jose has been bought at a steep discount to its prior value in a sign that prices for office buildings continue to wobble in the Bay Area.
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A Bay Area real estate firm has paid $25 million for the office site, which has addresses of 2001 and 2005 Gateway Place, according to documents filed on July 1 in Santa Clara County.
Peninsula Land & Capital, acting through an affiliate, is the new owner of the office property, a grant deed at the County Recorder’s Office shows.
Palo Alto-based Peninsula Land bought the property from Hudson Pacific, which also is a Bay Area real estate company.
In May of this year, Peninsula Land pulled off the purchase of a Campbell office building for $24.6 million, part of the company’s effort to scout for commercial property sites at attractive prices.
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“This acquisition reinforces our commitment to investing in premier Silicon Valley real estate,” Roger Fields, founder and chief executive officer of Peninsula Land & Capital, stated in a post on the X social media platform, which was formerly Twitter.
The 2001 Gateway office complex totals 152,300 square feet, according to commercial property databases. It is part of a larger Gateway Place campus that totals 609,000 square feet. The remainder of the campus wasn’t part of the recent deal.
The price that Peninsula Land paid for the 2001 Gateway Place office site was 45.2% below the property’s assessed value of $45.6 million as of January 2026. Assessed values are only one metric that can be used to evaluate a property’s worth.
“This strategic acquisition aligns perfectly with our ongoing focus on high-quality office and research and development properties in core Bay Area markets,” Peninsula Land stated in the X post.
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