Harvest, LaSalle Acquire 233 KSF Office Tower in San Jose
- Dec 23, 2013
Harvest Properties and LaSalle Investment Management have teamed to acquire 60 S. Market St., a 232,536-square-foot, 14-story Class A office tower located in Silicon Valley’s downtown San Jose, from Ares Management.
The price of the transaction was not disclosed. The transaction is the debut acquisition for Harvest and LaSalle as partners as well as the first investment for both in downtown San Jose.
“We are honored to complete our first transaction with partner LaSalle Investment Management and enter the downtown San Jose market together with this important acquisition,” John Winther, Harvest Properties’ founder and managing partner, said in a company release. “There are over 650 residential units currently under construction downtown, which will further enhance the amenity base that already exists in the CBD.”
With the 60 S. Market St. purchase, Harvest and LaSalle pick up a building that is currently 63 percent leased, with tenants such as prominent law firm, Hoge Fenton and shopping analytics firm, RetailNext.
Built in 1986, the building recently went through renovations of its common areas and on-site amenities, including a conference room, outdoor balconies and the addition of a fitness center.
Prominently positioned on the east side of Market Street, right next to St. Joseph’s Cathedral, the building offers easy access to Highway 87 and Interstate 280, and provides direct access to key commute corridors.
According to Winther, downtown San Jose’s access to CalTrain and VTA make it a viable option for Silicon Valley employers looking to attract a workforce that increasingly values these transportation options.
Harvest Properties will provide property management services for the building. Jeff Houston and Vincent Scott of CBRE are representing Harvest as listing agents.
Investment brokers involved in the transaction included Jeffrey Weber, Greg Coith, and Edmund Najera of Eastdil Secured.
Although this is Harvest’s first entry into the downtown San Jose market, it appears it won’t take long for its next move. Reports are that Harvest is also close to acquiring 225 West Santa Clara St., from Principal Real Estate Investors.