Equus Capital Partners has sold Cityview Plaza, a premier 579,541-square-foot mixed-use commercial complex in downtown San Jose.
The sales price is estimated to be $284 million.
The buyer is Jay Paul Co., a privately held real estate development firm based in San Francisco.
The nine-building, 11-acre office and retail property spans nearly an entire city block. The property comprises 534,036 square feet of office space and 45,505 square feet of retail. The property includes more than 1,000 parking spaces.
It was originally acquired in 2007 by an affiliate of Equus, BPG Investment Partnership VIII & VIIIA, L.P., a fully discretionary equity fund managed by Equus. The fund invested $10 million in capital improvements.
Tech companies still are looking to expand here when possible due to the sheer depth of talent in the Bay Area, according to Cushman & Wakefield. Silicon Valley’s office vacancy rate climbed to 10.1 percent during the second q
