TBI DEVELOPMENT ACQUIRES LANDMARK FIRST FRANKLIN PLAZA

TBI Development has acquired the prominent office building at 2150 North First Street known as First Franklin Plaza. The six-story, granite-clad building houses the corporate headquarters of First Franklin Financial Corp., a nationwide mortgage lender, as well as offices of Sprint Nextel Communications.

BRAD KROUSKUP NAMED PRESIDENT AND CEO OF TOENISKOETTER & BREEDING, INC. DEVELOPMENT

Brad W. Krouskup, who has been President of Toeniskoetter & Breeding, Inc. Development since 2001, has received the title and assumed the additional duties of Chief Executive Officer. Krouskup succeeds as CEO co-founder Charles J. Toeniskoetter, who remains Chairman of the Board.

TBI DEVELOPMENT ACQUIRES LANDMARK FIRST FRANKLIN PLAZA

SAN JOSE – Toeniskoetter & Breeding, Inc. Development (TBI Development) has acquired the prominent office building at 2150 North First Street known as First Franklin Plaza. The six-story, granite-clad building houses the corporate headquarters of First Franklin Financial Corp., a nationwide mortgage lender, as well as offices of Sprint Nextel Communications.

The transaction was the second, major acquisition in the last six months by TBI Development under its partnership with Minneapolis-based Thrivent Financial for Lutherans. Thrivent Financial is the world’s largest fraternal benefits society and a Fortune 500 financial services corporation with more than $65 billion in assets.

“First Franklin Plaza is a Class A office building that was extensively upgraded and remodeled in 2002 to accommodate the expansion of First Franklin Financial Corp.,” Senior Vice President Dan Amend of TBI Development said. “It is an outstanding building with strong tenants in the highly desirable San Jose Airport area, and it has a light rail station in front. We continue to aggressively pursue quality properties such as this.”

First Franklin Plaza comprises 120,000 square feet of space, with First Franklin Financial Corp. leasing 80% of it. Sprint Nextel leases 15,000 square feet, and 9,000 square feet is available for lease. The building was constructed in 1985.

The acquisition is the second in the past six months through the partnership with Thrivent Financial for Lutherans. The first was three adjacent office buildings in Campbell totaling 61,056 square feet at 743, 745 and 747 Camden Ave., which are now fully leased.

TBI Development acquired 2150 North First Street from an investment group controlled by John Feece of Los Gatos. Eric Fox and Joe Moriarty of CPS Commercial Real Estate Services brokered the sale on behalf of the Feece investment group. TBI Development has listed the space available for lease with Steve Pace, Erik Hallgrimson and Jon Decoite of CPS.

Daniel Friedeberg and John W. Souza of Barry S. Slatt Mortgage Co. in Burlingame brokered the lending relationship that evolved into the TBI Development partnership with Thrivent Financial.

Founded in 1981 and headquartered in San Jose, First Franklin Financial Corp. originates, purchases, sells and securitizes non-conforming residential first and second lien mortgage loans. The company is a subsidiary of New York Stock Exchange-listed National City Corporation.

Founded in 1983, Toeniskoetter & Breeding, Inc. Development has developed 2.5 million square feet of buildings, manages a portfolio of more than 2 million square feet and serves as managing general partner for a number of diversified real estate properties throughout Santa Clara and Santa Cruz counties. The TBI portfolio includes the 30-acre Cochrane Business Ranch and the 110-acre Madrone Business Park, both in Morgan Hill; 450 West Santa Clara Street, the O’Connor Health Center, and 525 Race Street, all in San Jose; and the Granite Creek Business Center and other buildings in Scotts Valley.