SAN FRANCISCO, CA – January 7, 2014 – HFF announced today that it has closed the sale of 225 West Santa Clara, a 16-story, 349,318-square-foot, transit-oriented trophy office property in downtown San Jose, California.
HFF marketed the property on behalf of the seller, Equity Office Properties and procured the buyer, a partnership between Principal Real Estate Investors and Harvest Properties.
Completed in 2001, 225 West Santa Clara is 95 percent leased to tenants including Deloitte, Morgan Stanley, Wells Fargo and MetLife. On-site amenities include a five-level parking structure, a restaurant, and a bank. 225 West Santa Clara is adjacent to the extremely popular San Pedro Square and within walking distance to numerous restaurants and retail shops, public transportation including Caltrain, and the SAP Center (formerly HP Pavilion). The property’s location also provides immediate access to Highway 87 with connections to Interstates 280, 680, 880, as well as US 101, and is a five-minute drive to San Jose’s Norman S. Mineta International Airport.
The HFF investment sales team representing the seller was led by managing director Steven Golubchik, senior managing director and co-head of HFF’s national office investment sales platform Michael Leggett, senior managing director Gerry Rohm and director John Simerlein.
“225 West Santa Clara is ideally positioned to take advantage of the growing demand for Class A, transit-oriented office space in downtown San Jose, as the surrounding areas in Silicon Valley continue to see rising rental rates and limited options for available high quality office space,” said Golubchik.
Equity Office Properties is one of the largest and most well-respected commercial real estate firms in the nation, with a portfolio encompassing 70 million square feet of Class A office space under management in superior locations throughout the country. For more information, visit www.equityoffice.com.
Principal Real Estate Investors manages or sub-advises $47.8 billion in commercial real estate assets1. The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.
Harvest Properties is a commercial real estate investment firm that specializes in the acquisition, development, management, and financing of commercial property; primarily through joint-venture investments in Northern California. Harvest Properties is headquartered in Emeryville, California, with five regional offices in the San Francisco Bay Area.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.com or follow HFF on Twitter at www.twitter.com/hff.