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Sign in Sign up for a FREE subscriptionJay Paul to buy 50 West San Fernando in San Jose for $235m
San Francisco–based Jay Paul Co. has plans to pay $235 million for the office located at 50 West San Fernando Street in San Jose, Calif., according to local media outlets.
The seller was DivcoWest and Rockpoint Group, which acquired the asset in 2015 for $165.5 million.
The 18-story building is about 75 percent occupied. Tenants include Accenture, Silicon Valley Capital Club and broadcasting company KQED.
When completed, the sale will break records showing the robust interest in the urban heart of the Bay Area’s largest city.
Silicon Valley’s office vacancy rate decreased to 9.3 percent during the first quarter of 2019, down 30 basis points (bps) from 9.6 percent in the fourth quarter, according to Cushman & Wakefield. The current rate translates to 7.7 million square feet (msf) of vacancy, a slight decrease from 8 msf in the fourth quarter. Although the vacancy decreased, the percentage of vacant sublease space increased yet again to 32.4 perce
