Credit union reaches deal for new South Bay headquarters
SAN JOSE – A credit union has entered into an agreement that will allow it to move its head office to San Jose and move its head office out of Santa Clara.
KeyPoint Credit Union purchased a two-story office building at 2150 Trade Zone Blvd. in northern San Jose, according to documents filed Aug. 16 with the Santa Clara County Recorder’s Office.
The credit union will be vacating its current head office at 2805 Bowers Ave. in Santa Clara.
KeyPoint paid $ 7.95 million for the shopping area building in San Jose, according to county ownership documents.
“We are delighted with the acquisition of the new facility and the opportunity it provides for the design of new offices to support the hybrid work model,” said Brad Canfield, President and CEO from KeyPoint.
The building north of San Jose totals 34,000 square feet, according to an article on real estate service LoopNet.
KeyPoint’s purchase of the office building in San Jose came following its March sale of the credit union’s headquarters in Santa Clara for $ 37.5 million.
“The move is part of KeyPoint’s strategic adoption of the hybrid work model and optimization of its physical headquarters footprint,” the credit union said in a prepared statement.
The Santa Clara building totals 104,000 square feet and contains one of the branches of the credit union.
“KeyPoint is currently evaluating the relocation options of the Bowers branch,” the credit union said.
In addition to the Bowers Avenue site in Santa Clara, the credit union branches are located north of San Jose on Brokaw Road, in Cupertino on North Wolfe Road, in Dublin on Amador Valley Boulevard, in Milpitas on East Calaveras Boulevard and in the town of Goleta in the county of Santa Barbara. .
The current branches in northern San José and Milpitas will retain their current status.
At the end of 2020, KeyPoint reported $ 1.5 billion in assets, an increase of 15.4% from the $ 1.3 billion in assets reported by the credit union at the end of 2019 , according to an official regulatory file from the financial company.
In 2020, KeyPoint Credit Union generated net income of $ 38.8 million, a large increase from the $ 3.6 million in profit reported by the credit union in 2019.
The new head office is expected to be a state-of-the-art, green office building once KeyPoint moves into the offices.
“The property (north of San Jose) is currently undergoing renovations for occupancy in early 2022,” KeyPoint said in a prepared statement.