SAN JOSE — Goodwill of Silicon Valley has purchased a big — and empty — office constructing in San Jose that the charity plans to make use of for expansion and its recent headquarters.
The prestigious nonprofit announced it paid $17 million for the office constructing at 1600 Technology Drive in north San Jose.
The constructing will house Goodwill's headquarters in addition to a variety of progressive profession training and employment opportunities, including the Career Technical Education Program, which provides free skills training to support diverse local residents.
The recent Goodwill office center near San Jose International Airport is a component of an expansion effort and renovation plans by the nonprofit. A $10 million donation from MacKenzie Scott supported Goodwill's purchase agreement.
Currently, Goodwill's headquarters are situated in an aging, 75-year-old warehouse complex on North Seventh Street that was once a Levi Strauss manufacturing center.
The old warehouse also serves as a hub for collecting, sorting and distributing donated goods for the network of thrift stores.
“Goodwill of Silicon Valley’s mission to help people overcome barriers to employment is at the heart of this real estate decision,” said Erik Hallgrimson, CEO of Goodwill Silicon Valley. “Our new headquarters will allow us to more efficiently fulfill our mission and meet our immediate and future needs.”
The office constructing that Goodwill purchased was valued at $92.4 million as of January 2024, in keeping with documents filed with the Santa Clara County Recorder's Office.
That means Goodwill paid a staggering 81.6% lower than the present appraised value of the office constructing, which totals 198,000 square feet.
Goodwill of Silicon Valley intends to right away begin moving its administrative and program activities to the brand new constructing on Technology Drive.
Other local nonprofits may operate in any vacant space within the constructing that Goodwill just isn’t using.
Goodwill plans to construct a brand new, state-of-the-art warehouse facility inside three years to exchange its current North Seventh Street facility, which isn’t any longer in a position to accommodate the corporate's growth.
Support from the South Bay community played a big role in helping Goodwill obtain the resources for the office real estate deal, the nonprofit said.
“Thanks to this support, coupled with financial prudence and close attention to operational details, we are in a strong financial position to make this acquisition that will benefit the community for years to come,” said Chris Baker, acting CEO of Goodwill of Silicon Valley.
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