Divco, Rreef Funds Buy Into Park Center Plaza

SAN JOSE, CA-Divco West Properties has recapitalized the Park Center Plaza in a transaction that values the property at about $105 million. The 700,000-sf office and retail complex is the largest multi-tenant office campus Downtown.

The Divco-managed Page Mill Properties Fund and the Rreef-managed CalSmart (CalPERS) Fund have taken out a majority interest previously held by Harvard Private Capital. Divco, which retained its minority position, and Page Mill now combine for a 50% interest in the property while the CalPERS fund owns the other 50%, a source familiar with the transaction tells GlobeSt.com.

The center now holds 15 buildings including the class A Heritage Bank office building on South Market Street and several low-rise concrete structures in the center of the plaza. Major tenants include BankAmerica, Heritage Bank, the County of Santa Clara Court House, SNAP, and Scotts Seafood Restaurants. Occupancy was not immediately available.