Harvest Properties and Invesco Complete the Sale of Towers @ 2nd in Downtown San Jose

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.