San Jose office property sold for $230m
DivcoWest and Rockpoint Group has sold 50 W.San Fernando St to Jay Paul Co. The LEED Certified property is a 353,527 square foot office asset in downtown San Jose, California.
The buyer paid $230 million. The new owner will manage the property and has enlisted Newmark Knight Frank’s Phil Mahoney to oversee leasing operations. In addition, the seller had purchased the high rise in December 2015 from CBRE Global Investors for $165.5 million, investing in capital improvements to the 30 year old property as year.
The property now features a remodeled lobby, a fitness center and 13,950 square feet of new, leasable space on the top floor. The 18 story building was constructed in 1989. It is home to a varied mix of tenants including Merrill Lynch, Accenture and Bank of the West.
Fulya Altunyay/[email protected]