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Beacon Capital Nets San Jose High-Rise in $101.5 Million Deal

PNC Realty Engages Boston Firm in Direct Exchange of 160 W. Santa Clara, Receives 177 Huntington in Boston in Return
April 24, 2018

Beacon Capital Partners and PNC Realty Advisors have engaged in a direct exchange that saw the two firms swap a pair of $100 million office towers on either coast.

In Silicon Valley, Beacon Capital Partners closed on 160 W. Santa Clara in downtown San Jose for $101.5 million.

The Boston-based real estate investment firm paid nearly $481 per square foot to acquire the 16-story high-rise - the company's first ever investment in downtown San Jose. Home to Threatmetrix, CBIZ and KBM Workspace, among others, the Class A building measures 211,129 square feet and is currently 93 percent leased.

Beacon acquired the 160 W. Santa Clara building as part of a direct exchange with PNC Realty Advisors, acting as trustee of AFL-CIO, which in return acquired 177 Huntington Ave. in Boston's Back Bay for $137.5 million.

PNC Realty, which paid $76.3 million back in 2015 for 160 W. Santa Clara, is also entering a new market with the purchase of the 26-story Boston high-rise.

177 Huntington Ave.

Acquired by Beacon Capital in 2012 for $59 million, the Class A tower underwent extensive renovations following the move-out of e-commerce home goods retailer Wayfair, which in 2014 relocated its headquarters from 12 floors at 177 Huntington to the nearby Copley Plaza.

Currently, the Back Bay high-rise is fully leased with Northeastern University serving as its anchor tenant.

Eastdil Secured, also a tenant in 160 W. Santa Clara, represented PNC in the sale of the San Jose tower. Coleman Benedict and Ben Sayles of HFF brokered the sale of 177 Huntington Ave. on behalf of Beacon.

For more information on the San Jose sale, please refer to CoStar COMP #4234760. Additional information on the Boston sale can be found at Comp #4215167.

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