Silicon Valley Property Trades for More Than $100M
Despite San Jose’s status as one of the nation’s weakest office markets, the city’s Opus Center has been sold to Equity Office Properties Trust for $103 million. The sale price translates into about $300 per sq. ft.
The office vacancy rate in San Jose was hovering near 25% at the end of December. That’s far higher than the national average of roughly 15%.
Phoenix-based developer Opus West built the 16-story Opus Center in 2001 for roughly $75 million, and it is considered to be one of Silicon Valley’s most desirable office properties due to its central location. The Opus Center, which is 25% vacant, is located near another EOP office property, 10 Almaden Boulevard, which is 100% leased.
EOP also has sold 14 other office properties throughout the nation for a total of $177 million. The dispositions are part of EOP’s plan to limit its exposure in select secondary markets. The company owns about 30 million sq. ft. of office and industrial space in the Bay Area, with an additional 11 million sq. ft. in the South Bay.
Acceptable Use Policy blog comments powered by Disqus
Want to use this article? Click here for options!
© 2012 Penton Media Inc.
advertisement
Photo Galleries
Hudson Yards Development
Check out images for Coach's new global headquarters, which will anchor the initial tower of the Eastern Rail Yards site within the 26-acre mixed-use Hudson Yards Development on Manhattan's far West Side.
Outstanding Women in Commercial Real Estate
From housing low-income families in Southern California to closing some of Manhattan's largest office leases, women leaders are using commercial real estate as a platform to reshape communities while they drive investor returns.
Click here to view more photo galleries.
Videos
2012 MBA CREF/Multifamily Housing Convention & Expo Video Blogs
Check out the Vlogs from the 2012 MBA CREF/Multifamily Housing Convention & Expo from JLL...
Click here to view more videos.
advertisement
Blogs
|
Traffic Court |
|
BlackSwan |
This Week's Most Popular
Current Issue
|
|







