A floundering Bay Area office market helped Goodwill pave its way to purchasing a new San Jose headquarters site.
SAN JOSE — A high-profile nonprofit was able to capitalize on a failed property loan and the floundering Bay Area office market to pave the way for its purchase of a new San Jose headquarters site.has disclosed that it paid $17 million for a north San Jose office building at 1600 Technology Drive that the charitable organization will transform into its new headquarters — and potentially office spaces for other nonprofits.
The nonprofit paid $17 million to buy the loan, the nonprofit said. The loan was originally issued in 2012. The new Goodwill office hub, located near San Jose International Airport, is part of an expansion effort and renovation plans on the nonprofit’s part. A $10 million gift from MacKenzie Scott, an author and philanthropist, supported Goodwill’s purchase deal.
“Goodwill of Silicon Valley’s mission to help people overcome employment barriers is at the heart of this real estate decision,” said Erik Hallgrimson, Chairman of the Board of Goodwill Silicon Valley. “Our new headquarters will enable us to fulfill our mission more efficiently, befitting our immediate and future needs.”The office building that Goodwill has bought had a value of $92.4 million as of January 2024, according to documents on file with the Santa Clara County Recorder’s Office.
Other local nonprofit organizations will be able to operate in any vacant space in the building that Goodwill doesn’t use.
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