Jay Paul Co. has purchased Cityview Plaza in San Jose for about $284M from Equus Capital Partners, the East Bay Times reports. The 11-acre, 580K SF mixed-use project includes about 534K SF of office, about 46K SF of retail, a 138K SF plaza and 1,071 parking stalls.
This sale is one of the largest deals completed so far this year in downtown San Jose, an area that has received increased attention in the last 18 months following Google’s proposal to build an 8M SF office campus near Diridon Station that could bring in 20,000 jobs. Adobe also plans to build a fourth tower at its San Jose headquarters.
NKF Capital Markets Vice Chairman Steven Golubchik, Executive Managing Director Edmund Najera and Senior Analyst David Hosler represented the seller.
“Downtown San Jose is one of the only true urban submarkets in the Bay Area outside of San Francisco,” Golubchik said in a statement. “With one of the largest Caltrain stations and a BART line under development, Downtown San Jose will be one of the most easily accessible and interconnected locations in Northern California making this a strategic investment.”
San Jose has experienced an uptick in office investment not just in downtown, but also in North San Jose, where many new and existing office buildings have traded hands in recent months.
ECP sold the five-building Gold Street Technology Center to PSAI Realty Partners for $91M in mid-July. The 302K SF office/R&D campus at 2100-2190 Gold St. in North San Jose includes TiVo Corp.’s headquarters and is 88% leased. NKF Capital Markets Vice Chairman Grant Lammersen as well as Golubchik and Najera represented ECP.
Lincoln Property and PCCP paid $144.5M for a seven-building North San Jose office park, while Ocean West Capital Partners and Hana Alternative Asset Management purchased four buildings for $132.5M in North San Jose.
