{"id":1004057456,"date":"2013-01-09T06:47:18","date_gmt":"2013-01-09T14:47:18","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=93894"},"modified":"2022-03-04T15:44:20","modified_gmt":"2022-03-04T23:44:20","slug":"forest-city-enterprises-offloads-coveted-office-property-in-downtown-san-jose","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/forest-city-enterprises-offloads-coveted-office-property-in-downtown-san-jose\/","title":{"rendered":"Forest City Enterprises Offloads Coveted Office Property in Downtown San Jose"},"content":{"rendered":"<p class=\"MsoNormal\"><em>By Alex Girda, Associate Editor<\/em><\/p>\n<p class=\"MsoNormal\" style=\"text-align: justify\">One of San Jose\u2019s largest office buildings recently traded hands after Forest City Enterprises Inc. agreed to the terms with CBRE Global Investors for sale of Fairmont Plaza. CBRE Global Investors paid $93.1 million for the Bay Area asset.<\/p>\n<p class=\"MsoNormal\" style=\"text-align: justify\">The property, also known as the Knight-Ridder building, was sold in order to generate net cash proceeds for the Cleveland-based owner. Also part of this strategy was the recent sale of the company\u2019s Emerald Palms apartment community in southwest Miami.<\/p>\n<p class=\"MsoNormal\" style=\"text-align: justify\">Fairmont Plaza is a 17-story <a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/01\/knight-ridder-san-jose.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-93896\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/01\/knight-ridder-san-jose.jpg\" alt=\"\" width=\"225\" height=\"300\" \/><\/a>office building located in San Jose\u2019s downtown area. It offers 405,000 square feet of quality office space in the emerging San Francisco Bay Area. Built in the late 1980s, the property is one of the most coveted Class A office properties in the downtown area.<\/p>\n<p class=\"MsoNormal\" style=\"text-align: justify\">Its tenant roster currently includes names such as Accenture and KQED, as well as the members-only Capital Club. <span>\u00a0<\/span>The $93-million sale has earned Forest City approximately $28 million in net cash proceeds, according to data provided by the company.<\/p>\n<p class=\"MsoNormal\" style=\"text-align: justify\">The sale of Fairmont Plaza, along with the aforementioned southwest Miami apartment complex, marks the company\u2019s focus on core markets, with assets in non-core markets being traded away in order to generate cash. In fact, the company\u2019s 12 recent sales have, until now, provided Forest City Enterprises with more than $125 million in net cash proceeds. The company currently handles $10.7 billion worth of commercial and residential real estate assets which it owns, develops and manages.<\/p>\n<p class=\"MsoNormal\" style=\"text-align: justify\">For more market data from the San Francisco Bay Area, <a href=\"https:\/\/www.multihousingnews.com\/\" target=\"_blank\" rel=\"nofollow noopener\">click here<\/a>.<\/p>\n<p>Image courtesy of <em>HarshLight<\/em> via <em>Wikimedia Commons\u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>One of San Jose&rsquo;s largest office buildings recently traded hands after Forest City Enterprises Inc. agreed terms with CBRE Global Investors for the sale of Fairmont Plaza. CBRE Global Investors paid $93.1 million for the Bay Area asset. The property, also known as the Knight-Ridder building, was sold in order to generate net cash proceeds for the Cleveland-based owner. Also part of this strategy was the recent sale of the company&rsquo;s Emerald Palms apartment community in southwest Miami.<\/p>\n","protected":false},"author":41,"featured_media":1004506184,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1609],"tags":[1815],"class_list":["post-1004057456","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest","category-san-francisco","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Forest City Enterprises Offloads Coveted Office Property in Downtown San Jose - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/forest-city-enterprises-offloads-coveted-office-property-in-downtown-san-jose\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Forest City Enterprises Offloads Coveted Office Property in Downtown San Jose\" \/>\n<meta property=\"og:description\" content=\"One of San Jose&rsquo;s largest office buildings recently traded hands after Forest City Enterprises Inc. agreed terms with CBRE Global Investors for the sale of Fairmont Plaza. CBRE Global Investors paid $93.1 million for the Bay Area asset. The property, also known as the Knight-Ridder building, was sold in order to generate net cash proceeds for the Cleveland-based owner. Also part of this strategy was the recent sale of the company&rsquo;s Emerald Palms apartment community in southwest Miami.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/forest-city-enterprises-offloads-coveted-office-property-in-downtown-san-jose\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-01-09T14:47:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-03-04T23:44:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/knight-ridder-san-jose.jpg?w=1024\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Alex Girda\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/forest-city-enterprises-offloads-coveted-office-property-in-downtown-san-jose\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/forest-city-enterprises-offloads-coveted-office-property-in-downtown-san-jose\/\",\"name\":\"Forest City Enterprises Offloads Coveted Office Property in Downtown San Jose - 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