San Jose Office Portfolio Changes Hands for $128M
- Dec 13, 2017
Brookfield has acquired Towers @ 2nd, two office buildings totaling 411,544 square feet in San Jose, for $128 million. The company purchased the assets from Harvest Properties and Invesco Real Estate. The sale of Towers @ 2nd marks Harvest’s and Invesco’s sixth deal together. Harvest will continue to manage the asset and Cushman & Wakefield will be the leasing manager.
The office towers are situated in the heart of downtown San Jose at 75 E. Santa Clara St. and 4. N. Second St., adjacent to a Valley Transportation Authority light rail stop on Second Street. The 13- and 14-story assets were built in 1973 and feature 14,500 and 17,500-square-foot floorplates that suite a variety of tenants. The buyer plans to invest an additional $32 million to reposition the asset and upgrade the interiors and communal areas.
“Our vision for this property and successful repositioning to attract growing, technology-related tenants and capitalize on the notable upswing in the downtown San Jose office market allowed us to both deliver on our original investment plan and, ultimately, offer the new owners a high-quality asset in a dynamic, improving market,” said Awais Mughal, partner at Harvest Properties, in prepared remarks.
Russell Ingrum, Joe Moriarty, Scott J. Prosser and Tyler Meyerdirk of CBRE represented Harvest and Invesco in the transaction. One of the joint venture’s deals also included the acquisition of a San Francisco office building in January for $123 million.
Image courtesy of Harvest Properties