{"id":1004330234,"date":"2019-06-12T01:08:02","date_gmt":"2019-06-12T09:08:02","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004330234"},"modified":"2019-06-12T05:45:22","modified_gmt":"2019-06-12T13:45:22","slug":"divcowest-jv-sells-san-jose-office-asset-for-230m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/divcowest-jv-sells-san-jose-office-asset-for-230m\/","title":{"rendered":"DivcoWest JV Sells San Jose Office Asset for $230M"},"content":{"rendered":"<div id=\"attachment_1004330237\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/06\/50-West-San-Fernando-Street.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004330237\" data-attachment-id=\"1004330237\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/divcowest-jv-sells-san-jose-office-asset-for-230m\/50-west-san-fernando-street\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/06\/50-West-San-Fernando-Street.jpg\" data-orig-size=\"640,512\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"50 West San Fernando Street\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;50 West San Fernando Street. Image courtesy of Yardi Matrix&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/06\/50-West-San-Fernando-Street.jpg?w=640\" class=\"wp-image-1004330237 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/06\/50-West-San-Fernando-Street.jpg\" alt=\"\" width=\"300\" height=\"240\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/06\/50-West-San-Fernando-Street.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/06\/50-West-San-Fernando-Street.jpg?resize=300,240 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004330237\" class=\"wp-caption-text\">50 W. San Fernando St. <em>Image courtesy of Yardi Matrix<\/em><\/p><\/div>\n<p>Jay Paul Co. has acquired 50 W. San Fernando St., a 353,527-square-foot office asset in downtown San Jose, Calif., from DivcoWest and Rockpoint Group. Yardi Matrix data confirms the LEED-certified property traded for $230 million, one of the Bay Area\u2019s <a href=\"https:\/\/www.commercialsearch.com\/news\/dra-advisors-jv-buys-san-francisco-office-park-for-265m\/\">largest deals this year<\/a>.<\/p>\n<p>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 last year. The asset now features a remodeled lobby, a fitness center and 13,950 square feet of new, leasable space on the top floor.<\/p>\n<p>Constructed in 1989, the 18-story building is home to a varied mix of tenants including Merrill Lynch, Accenture and Bank of the West. The new owner will manage the property and has enlisted Newmark Knight Frank\u2019s Phil Mahoney to oversee leasing operations.<\/p>\n<p>With no major downtown office deliveries in the past decade, competition for high-end amenitized space is fierce. In April, data storage tech firm Cohesity <a href=\"https:\/\/www.commercialsearch.com\/news\/cohesity-expands-silicon-valley-footprint-with-new-lease\/\">signed for more than 60,000 square feet<\/a> at another property less than a mile southwest of Jay Paul\u2019s acquisition.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Completed in 1989, the 350,000-square-foot Class A tower last changed hands in late 2015, when it traded for $165.5 million.<\/p>\n","protected":false},"author":861,"featured_media":1004330237,"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":[32789,32841,41369,32779,36007,35212],"class_list":["post-1004330234","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-cbre","tag-divcowest","tag-jay-paul-company","tag-leed","tag-newmark-knight-frank","tag-rockpoint-group"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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