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Harvest Properties, Invesco Sell Pair of Office Towers in Downtown San Jose

Brookfield Management New Owner of Towers @ 2nd
December 15, 2017
Harvest Properties and longtime partner Invesco Real Estate have successfully flipped Towers @ 2nd after acquiring the adjacent office buildings in downtown San Jose in 2015 for $62.25 million.

The venture netted $127.7 million, or approximately $311 per square foot, in the sale of 75 E. Santa Clara St. and 4 N. Second St. to Brookfield Properties Group, a best-in-class real estate operating company with 200 million square feet of commercial real estate under management.

Completed in the early 1970s, the adjacent 14- and 13-story office towers total 411,544 square feet on the corner of N. Second and E. Santa Clara Streets blocks from San Jose City Hall, the San Jose Museum of Art and the campus of San Jose State University, and adjacent to a Valley Transportation Authority (VTA) light rail stop, in the Downtown San Jose East submarket.

Harvest Properties, a full service commercial real estate investment, development and management firm, and Invesco, a global investment firm, completed roughly 150,000 square feet in new leases and renewals following the venture's 2015 purchase of Towers @2nd, including a 73,000-square-foot, 15-year deal with WeWork that represented the New York City-based co-working provider's first location in Silicon Valley.

In their two years as owners, the venture invested roughly $11.1 million to reposition the towers and add a number of high-end amenities that included a new fitness center and locker room with private showers, a bike lab, arcade lounge, a training and conference center and a VIP lounge.

“Our vision for this property and successful repositioning to attract growing, technology-related tenants and capitalize on the notable upswing in the downtown San Jose office market allowed us to both deliver on our original investment plan and, ultimately, offer the new owners a high-quality asset in a dynamic, improving market," said Awais Mughal, partner at Harvest Properties.

Russell Ingrum, Joseph Moriarty, Scott Prosser and Tyler Meyerdirk of CBRE represented the selling venture in negotiations.

For more information on this transaction, please refer to CoStar COMP #4080233.
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