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DivcoWest, Rockpoint Close on Downtown San Jose Office Tower

DivcoWest and Rockpoint Group announced yesterday that they closed on the purchase of San Jose's 50 W San Fernando St, a 352k SF Class-A office tower.

County tax records showed the final price at $165.5M, or $470/SF, which is the highest ever paid per square foot for a downtown San Jose office building. DivcoWest and Rockpoint did not comment on the purchase price, according to the Silicon Valley Business Journal.

Built in 1989, the 18-story building is effectively fully leased with tenants in financial services, legal, technology and creative industries. It was purchased by CBRE Global Investors in 2012 for $93M, or $278/SF. The property includes an underground public parking garage. [SVBJ]

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