The price, which was not released by the parties involved, came in at least 10% below the $110 million Divco West Properties paid Cigna Insurance for the asset in 2000, one local industry source tells GlobeSt.com. Divco and its capital partner gave the property back to their lender in 2004 after key tenants left and the income couldn't service the debt on the highly leveraged property. The LNR affiliate acquired it from the lender; the acquisition price was not readily available.Located off the San Tomas Expressway, the 24-acre development is about 80% leased. Tenants include Akamai Technologies, Edify Corp. and Digital Network. CB Richard Ellis will remain the leasing agent for the property.

The sale to the Harvest-Blackrock JV was brokered by CBRE brokers Erik Doyle, Bob Gilley, Katherine Kelleher and Scott Mathisen. Kelleher, when reached for comment, declined to confirm the price or comment on the transaction, citing a nondisclosure agreement. No one from Harvest or Blackrock returned phone calls seeking comment.

In August, using money from Prudential Real Estate Investors, Harvest Properties acquired the 967,600-sf Westport Office Park in Redwood Chores for $238 million, or $246 per sf. The price for San Tomas Business Park works out to $210 per sf at most.