SAN JOSE, CA-Fund manager BPG Properties Ltd. has acquired Park Center Plaza, a nine-building, 600,000-sf office and retail property here for $169.5 million or $282 per sf. The mix of low- and mid-rise buildings is 74% leased. The seller was a JV of Divco West and Rreef.

Park Center Plaza is located between Market Street and Almaden Boulevard in the center of the San Jose CBD. Adjacent to the site are the Center for the Performing Arts, the Tech Museum, the 805-room Fairmont Hotel and the world headquarters of Adobe. The San Jose Convention Center is located a block away, multiple mass transit options are within walking distance, freeways are very nearby and San Jose International Airport is three miles away.

Most of the office space is housed in the development’s three largest buildings: 150 Almaden, a 15-story class A office building with 202,000 sf; 125 S. Market, a 13-story, 160,000 sf class A building; and 100 Park Center, a five-story, 128,000-sf class B office building. Most of the retail is in the six other buildings, which range in height from one- to five stories and in size from 7,000 sf to 33,000 sf.

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