San Jose Office Asset Commands $63M

The Muller Co. teamed up with CIGNA Investment Management to purchase the 104,000-square-foot Century Plaza. Cushman & Wakefield negotiated the deal.
Century Plaza

The Muller Co. and CIGNA Investment Management have acquired Century Plaza, a Class A, 103,622-square-foot office building in San Jose, Calif., for $63.4 million. The seller was New York Life Real Estate Investors. The new owners also secured a $50.7 million loan from Prudential Financial for the acquisition, according to Yardi Matrix data.

The six-story office building was built in 1987 and is located at 550 S. Winchester Blvd., near the 42-acre open-air retail and entertainment development Santana Row. The new ownership plans to rebrand the property and invest approximately $4.1 million to upgrade the facade of the building, landscaping, the lobby, restrooms and corridors. The property was 82 percent leased at the time of the deal.

“We saw an opportunity to acquire a well-located property that would allow us to add value by executing a strategic business plan to reposition the asset as a first-class office destination,” said Jon Muller, a principal with The Muller Co., in prepared remarks.

Both the buyer and seller were represented by Cushman & Wakefield. Those involved in the sale included Nick Lazzarini, Eric Fox, Steve Hermann, Seth Siegel and Adam Lasoff.

Last March, The Muller Co. teamed up with Cerberus Capital Management to acquire Canyon Park Technology Center, a 924,634-square-foot office campus in Orem, Utah. The transactions marked the second time the two firms partnered on a deal.

Image courtesy of The Muller Co.