SAN JOSE, CA-Grosvenor Americas has acquired Century Plaza II, a 99,126-square-foot class A office building in the heart of Silicon Valley in San Jose, CA. The six-story, LEED Gold certified property at 560 S. Winchester is fully leased to Rockefeller Group Business Centers, Cushman & Wakefield, and Merrill Lynch Wealth Management.
The seller was Deka Immobilien, based in Germany. Savills LLC represented the seller in the transaction.
While firms involved in the deal would not disclose the sales price as of deadline, GlobeSt.com has learned from an industry source not involved in the deal that the price was around $47 million.
Built in 2001, Century Plaza II provides excellent visibility and direct access to I-280, which connects San Jose with Cupertino, Palo Alto, and San Francisco, according to a prepared statement. It is also in close proximity to I-880 and Highway 17, which serve areas to the east and south.
One key attraction about the property's location, according to Grosvenor Americas, is that it is near Santana Row, a vibrant pedestrian-friendly community of residences as well as some of Silicon Valley's premier shopping, dining, entertainment, and nightlife destinations.
“With employers increasingly focused on drawing top talent, Century Plaza II offers users an outstanding working environment and superior walkable amenities, explains James Delmotte, SVP of investment for Grosvenor Americas. “This LEED Gold property furthers Grosvenor's longstanding commitment to our Living Cities vision, which drives our investment and development of sustainable mixed-use properties in dynamic cities all over the world.”
According to Sommer Johnson, investment manager for Grosvenor Americas, “Century Plaza II provides us with strong cash flow, long-term upside, and good diversification for our portfolio of West Coast properties.”
He adds that the firm will continue to focus its acquisition efforts on value-add and core-plus office, retail, multifamily residential, and mixed-use properties. “Our target markets include the Bay Area, Los Angeles, Orange County, Seattle, and Washington, DC.”
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
