Boston Company Buys San Jose Office For Record Price
Real estate activity has picked up in San Jose since Google started planning a massive campus. Boston-based AEW Capital Management just bought the 11-story 303 Almaden building at West San Carlos Street for $80.2M, the Mercury News reports. This price translates to $509/SF, a new record for downtown San Jose, for the 157K SF building. The previous record was $402/SF for the December 2015 sale of 50 West San Fernando St.
This latest acquisition follows Inwalle Properties' plans to buy the Camera 12 site and redevelop the building. Blackstone Group purchased a 236-room Hyatt Place hotel for $65M in June, followed soon after by a South Korean company's $64M purchase of the Westin San Jose. TMG Partners and Valley Oak Partners have proposed building a 1M SF office campus close to the proposed Google campus.