Harvest Properties, Invesco Sell Downtown San Jose Towers
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Harvest Properties and Invesco Real Estate have sold Towers @ 2nd in San Jose to Brookfield for an undisclosed amount. The 13-story and 14-story buildings at 75 East Santa Clara St. and 4 North Second St. total about 412K SF and offer 14,500 SF and 17,500 SF floor plates.
Since taking ownership in 2015, Harvest and Invesco completed 150K SF of new and renewal leasing, including a 73K SF 15-year lease at 75 East Santa Clara St. to WeWork for its first Silicon Valley location. Amazon's Lab126 R&D unit leased 16K SF within the WeWork space earlier this year.
During its ownership, the partnership completed a $11.1M asset repositioning and renovation including the addition of amenities such as a fitness center, locker room with private showers, a bike lab, arcade lounge, training and conference center and VIP lounge connected to an exclusive outdoor plaza with built-in seating and lighting.
Brookfield plans to spend $32M to enhance interiors and common areas of the property and complete lease-up to stabilization, according to Brookfield Senior Vice President, Investor Relations Matthew Cherry. Cushman & Wakefield will lease the property, and Harvest will be in charge of property management.
Towers @ 2nd was Harvest and Invesco’s sixth deal together. Most recently, Harvest Properties and Invesco purchased 55 Hawthorne St. in San Francisco in July 2014 and sold it to CIM Group in December 2016.