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DivcoWest just expanded its footprint in downtown San Jose with its purchase of 2 West Santa Clara, an 83,896 SF historic office building. The acquisition is part of a JV with an investment group led by Gary Dillabough. Terms of the transaction were not disclosed. Ritchie Commercial repped buyer and seller.
A proposed business plan for the building includes a full rehab to provide smaller tenants with opportunities to have a full-floor presence with four side window lines and excellent views.
The building was renovated within the last few years and is among the first examples of a steel-framed office in California. Built in 1910, it was the home of First National Bank and has served as the headquarters of Bank of the West and the lumber company Pacific State Industries. The building was expanded in 1927 with a nine-story annex.
The building is close to the Guadalupe Freeway and is next to the Santa Clara Valley Transportation Agency’s Santa Clara Station.
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