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DivcoWest Marketing 600,000-SF Portfolio

SAN JOSE-Sources tell GlobeSt.com the selling price of the 10 downtown buildings here will not be comparable to the peak prices of last year, which could have allowed the property to sell at more than $160 million.

By Michelle Savage | Updated on June 24, 2001

SAN JOSE-A well-known block in San Jose is back on the market. Locally based DivcoWest Group is marketing 600,000-sf 10-building portfolio bordered by Park Avenue, Almaden Boulevard and San Fernando and Market streets in downtown San Jose.

DivcoWest purchased the portfolio in 1998 in partnership with the Harvard Pension fund, which owns 65% of the investment. The area is surrounded by parks, museums and businesses and is considered one of San Jose’s prime real estate areas.

DivcoWest is negotiating terms of the deal with potential buyers. Three bids have been made on the property, which also includes a site that is scheduled for developing an 18-story office tower.

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