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2/12/19
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In an institutional office acquisition out of Silicon Valley, a joint venture between CIGNA Investment Management and The Muller Company purchased Century Plaza, a 103.6k sf, six-story office building in San Jose, for $63.4 mil ($612/sf). The asset, located at 550 South Winchester by Santana Row, was sold by New York Life Real Estate Investors.
“We saw an opportunity to acquire a well-located property that would allow us to add value by executing a strategic business plan to reposition the asset as a first-class office destination,” said Jon M. Muller, a principal with The Muller Company. “The ownership plans to rebrand the property and invest approximately $4.1 mil to upgrade the façade, landscaping, lobby, restrooms and corridors in order to maximize rents and create a modern Class A office building in the heart of Silicon Valley and steps away from Santana Row, San Jose’s renowned outdoor lifestyle and retail destination.” The property was 82% leased at the time of the sale.
Both the buyer and seller of the property were represented by Cushman & Wakefield. Those involved in the sale included Eric Fox, executive managing director, and Nick Lazzarini, managing director, in the San Jose office, along with Steve Hermann, Seth Siegel and Adam Lasoff in the firm’s San Francisco office.
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