Two-Tower Office Building in Silicon Valley Changes Hands
- Nov 21, 2016
by Keith Loria
NGKF Capital Markets represented the seller in the transaction.
“The greatest appeal of One Eleven Market Square is its incredible Main and Main corner location in the heart of downtown San Jose’s multifamily and retail core,” Steve Golubchik, co-head of NGKF Capital Markets Northern California, told Commercial Property Executive. “The downtown San Jose real estate market has built meaningful momentum this past year with several high profile tenants moving into the urban center.”
Strategically located in the heart of downtown San Jose, the two towers consist of 111 W. St. John St., which rises 12 stories and encompasses 163,775 square feet and 111 N. Market St., which stands 10 stories and consists of 156,784 square feet.
The buildings are currently 78 percent leased to a diverse tenant mix, including Pacific Business Centers, Rockwell Automation Inc., Kerio Technologies Inc., BAM Labs, Opportunity Fund and Diamanti.
Swift had owned the property for a little over two years, but completed significant capital improvements in that time.
“Swift added a modern fitness center and amenity area, updated the lobbies, installed new creative space, improved the landscaping and added bike storage,” Golubchik said. “Swift also secured a signage permit creating the opportunity for the new owners to unlock additional value at One Eleven Market Square.”
The new buyers are planning further renovations to reposition the buildings as the premier high tech destination in San Jose.
One Eleven Market Square is close by San Jose’s iconic food and entertainment hub, and is adjacent to San Pedro Square. The transit-oriented property is steps from the VTA Light Rail with Caltrain and the future BART station is within walking distance.