Harvest Properties and Invesco Complete the Sale of Towers @ 2nd in Downtown San Jose
December 12 2017 - 5:18PM
Business Wire
Harvest Properties, (“Harvest”), a full service commercial real
estate investment, development and management firm and longtime
partner Invesco Real Estate (“Invesco”), a premier global
investment firm, recently announced they completed the sale of
Towers @ 2nd in San Jose, California, to Brookfield for an
undisclosed amount.
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Towers @ 2nd, San Jose (Graphic: Business
Wire)
Towers @ 2nd is well located in the heart of Downtown San Jose
(75 E. Santa Clara St. and 4 N. Second St.) one of the most rapidly
transforming urban centers in the San Francisco Bay Area and is
situated at a prime, transit-oriented location adjacent to a Valley
Transportation Authority (VTA) light rail stop on Second Street.
The two 13- and 14-story office towers total 411,544 square feet
and feature efficient 14,500 and 17,500 square foot floor plates
that accommodate a wide variety of tenant sizes.
“This sale represents a successful outcome for all parties, and
we are very pleased with the value that our partnership with
Invesco was able to create at this project throughout our ownership
period,” said Awais Mughal, partner at Harvest Properties. “Our
vision for this property and successful repositioning to attract
growing, technology-related tenants and capitalize on the notable
upswing in the downtown San Jose office market allowed us to both
deliver on our original investment plan and, ultimately, offer the
new owners a high-quality asset in a dynamic, improving
market.”
Since taking ownership in 2015, Harvest and Invesco completed
150,000 square feet of new and renewal leasing including a 73,000
square foot, 15-year lease with community office space provider
WeWork, their first location in Silicon Valley. Additionally,
during their ownership, the partnership completed a significant
$11.1 million asset repositioning and renovation to create a unique
urban office campus environment, complete with all the inherent
qualities that creative office tenants seek. The many improvements
included several new amenity spaces featuring a fitness center and
locker room with private showers, a bike lab, an arcade lounge, a
training and conference center, and a VIP lounge connected to an
exclusive outdoor plaza with built-in seating and lighting.
Towers @ 2nd continues to be an exciting property to watch.
“Brookfield is excited to acquire this well-located asset in a
growing urban market with future upside, and looks forward to
continuing to execute on the repositioning program begun by Harvest
and Invesco,” said Matthew Cherry, Investor Relations at
Brookfield. “Brookfield anticipates spending an additional $32
million to further enhance the interiors and common areas of the
property and complete its lease-up to stabilization. Cushman &
Wakefield has been retained for leasing, and Harvest has been
retained for property management.”
Towers @ 2nd represented Harvest and Invesco’s sixth deal
together. Most recently, Harvest Properties and Invesco purchased
55 Hawthorne Street in San Francisco in July 2014 and sold it to
CIM Group in December 2016.
Russell Ingrum, Joe Moriarty, Scott J. Prosser and Tyler
Meyerdirk at CBRE represented Harvest and Invesco on the
transaction.
About Harvest Properties
Harvest Properties is a vertically-integrated, full-service
commercial real estate investment firm that specializes in the
acquisition, reposition, entitlement, development, management and
financing of commercial property, primarily through joint-venture
investments in Northern California. Over the last decade, Harvest
has become an established leader in the marketplace by generating
attractive returns for its financial partners, providing creative
solutions and outstanding service. Harvest Properties’ portfolio
comprises approximately ten million square feet of office,
industrial, R&D and retail properties in the San Francisco Bay
Area. For more information, please visit
www.harvestproperties.com.
About Invesco Real Estate
Established in 1983, Invesco Real Estate manages $65.1 billion
of real estate investments, which includes $43.9 billion in direct
real estate portfolios and $21.2 billion in real estate securities
(as of September 30, 2017). With more than 460 employees in 21
offices worldwide, the group focuses on top down market and
property type fundamentals combined with bottom up local market
intelligence. Senior members of the management team have worked
together for more than 28 years, contributing to the consistent
implementation of Invesco’s investment strategy and resulting
performance. Invesco Real Estate is a unit of Invesco Ltd., a
leading independent global investment manager, dedicated to helping
investors worldwide achieve their financial objectives. By
delivering the combined power of our distinctive investment
management capabilities, Invesco provides a wide range of
investment strategies and vehicles to our retail, institutional and
high net worth clients around the world. Operating in more than 20
countries, the company is listed on the New York Stock Exchange
under the symbol IVZ. Additional information is available at
www.invesco.com and at www.invescorealestate.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20171212006436/en/
Harvest PropertiesWhitney R Creutz, 510-808-5232Investor
Relationswcreutz@harvestproperties.com
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