Big Developer Buys Downtown San Jose Office Building
Source: eastbaytimes.com | Re-Post MNM Partners 9/6/2018 –
Developer Jay Paul, whose major Silicon Valley tenants include Facebook, Amazon and Google, has expanded its San Jose footprint by grabbing an office building located at a key downtown intersection.
Acting through an affiliate called SJ North 1st, Jay Paul on Aug. 13 bought a historic building at North First and West Santa Clara streets, according to Santa Clara County property records. The 120,000-square-foot building once was a long-time JCPenney department store in the retail heyday of downtown San Jose but closed in 1973 amid an exodus of merchants to the city’s suburban malls.
This deal means realty developer Jay Paul has suddenly become a big-time player in downtown San Jose, spending just under $330 million in cash in two major acquisitions of prominent commercial properties over a stretch of only three weeks.
“Jay Paul’s burgeoning investment in downtown ratchets the slope of San Jose’s trajectory another degree upward,” San Jose Mayor Sam Liccardo said Wednesday. “It’s reaffirming to see that Jay recognizes downtown’s potential as Silicon Valley’s city center.”
In the most recent deal, the Jay Paul entity paid $46 million for the old JCPenney building. On July 23, the developer paid $283.5 million for Cityview Plaza, a 580,000-square-foot complex of offices, retailers and restaurants that occupies a full city block bounded by West San Fernando Street, South Almaden Boulevard, Park Avenue and South Market Street.