{"id":1004297438,"date":"2019-02-08T04:09:25","date_gmt":"2019-02-08T12:09:25","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004297438"},"modified":"2019-02-08T04:09:25","modified_gmt":"2019-02-08T12:09:25","slug":"san-jose-office-asset-commands-63m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/san-jose-office-asset-commands-63m\/","title":{"rendered":"San Jose Office Asset Commands $63M"},"content":{"rendered":"
\"\"<\/a>

Century Plaza<\/p><\/div>\n

The Muller Co. and CIGNA Investment Management have acquired Century Plaza, a Class A, 103,622-square-foot office building in San Jose, Calif., for $63.4 million. The seller was New York Life Real Estate Investors. The new owners also secured a $50.7 million loan from Prudential Financial for the acquisition, according to Yardi Matrix data.<\/p>\n

The six-story office building was built in 1987 and is located at 550 S. Winchester Blvd., near the 42-acre open-air retail and entertainment development Santana Row. The new ownership plans to rebrand the property and invest approximately $4.1 million to upgrade the facade of the building, landscaping, the lobby, restrooms and corridors. The property was 82 percent leased at the time of the deal.<\/p>\n

\u201cWe saw an opportunity to acquire a well-located property that would allow us to add value by executing a strategic business plan to reposition the asset as a first-class office destination,\u201d<\/em> said Jon Muller, a principal with The Muller Co., in prepared remarks.<\/p>\n

Both the buyer and seller were represented by Cushman & Wakefield. Those involved in the sale included Nick Lazzarini, Eric Fox, Steve Hermann, Seth Siegel and Adam Lasoff.<\/p>\n

Last March, The Muller Co. teamed up with Cerberus Capital Management<\/a> to acquire Canyon Park Technology Center, a 924,634-square-foot office campus in Orem, Utah. The transactions marked the second time the two firms partnered<\/a> on a deal.<\/p>\n

Image courtesy of The Muller Co.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The Muller Co. teamed up with CIGNA Investment Management to purchase the 104,000-square-foot Century Plaza. Cushman & Wakefield negotiated the deal.<\/p>\n","protected":false},"author":745,"featured_media":1004297441,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,21742,21747,36079,15],"tags":[44036,32799,33542,34015],"class_list":["post-1004297438","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-latest","category-office","category-san-jose","category-west","tag-cigna-investment-management","tag-cushman-wakefield","tag-new-york-life-real-estate-investors","tag-the-muller-company"],"acf":[],"yoast_head":"\nSan Jose Office Asset Commands $63M - 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\/san-jose-office-asset-commands-63m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"San Jose Office Asset Commands $63M\" \/>\n<meta property=\"og:description\" content=\"The Muller Co. teamed up with CIGNA Investment Management to purchase the 104,000-square-foot Century Plaza. 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