60 S. Market in San Jose Closes for $87.6MM
60 S. Market in San Jose Closes for $87.6MM
In the four years since Harvest Properties and LaSalle Investment Properties had acquired one of downtown San Jose’s more prominent towers at 60 S. Market Street, a lot had changed. The two companies, which paid just over $55 million, or $236 per square foot, for the 232,500-square-foot building, had then taken a building that was nearly 40 percent empty in a market that was still lingering around 20 percent vacancy.
Today that vacancy in San Jose sits around 13 percent, according to a recent, first quarter Silicon Valley Research & Forecast Report from Colliers International, and the increased occupancy of the building was able to fetch the owners $87.6 million, or just over $376, for the same asset at the end of July when the sale closed, according to public documents.