Shorenstein sells Santa Clara Towers for $195m

Shorenstein Properties has sold the Santa Clara Towers in Northern California’s Silicon Valley to an undisclosed institutional investor. The terms of the transaction were not disclosed; however, it is estimated to be $195 million, reported The Registry.

Prominently located along Highway 101 in the Golden Triangle submarket of Santa Clara, Calif., the more than 445,000-square-foot property comprises twin class A office towers capable of accommodating a range of full-floor and multitenant configurations. Santa Clara Towers offers convenient access to Route 237 and Interstate 880 and is in close proximity to major hotels, universities and San Jose International Airport.

Shorenstein's Ninth Fund initially acquired the mezzanine loan on Santa Clara Towers from Lehman Bros. in 2008, and then assumed ownership of the property in 2010 through a deed in lieu of a foreclosure transaction. Shorenstein has invested capital to make a number of enhancements to the propert