REAL ESTATE NEWS

SHORENSTEIN SHEDS SANTA CLARA TOWERS

Published on Friday, February 14, 2020

Shorenstein Properties LLC sold Santa Clara Towers to an undisclosed institutional investor, and the terms of the transaction were not disclosed.

 

SANTA CLARA, CA—Shorenstein Properties LLC sold Santa Clara Towers to an undisclosed institutional investor. The terms of the transaction were not disclosed.

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

Shorenstein's Ninth Fund initially acquired the mezzanine loan on Santa Clara Towers from Lehman Brothers in 2008, and then through a deed in lieu of a foreclosure transaction, assumed ownership of the property in 2010. Shorenstein has invested capital to make a number of enhancements to the property, including a full lobby renovation at Tower II, new corridor lighting and elevator finish upgrades. These improvements accompany a strong suite of onsite amenities such as a newly renovated fitness center, indoor pool, spacious parking structure and the iconic Birk's Restaurant.

Russell Ingrum, Joe Moriarty, Scott Prosser and Jack DePuy with CBRE represented Shorenstein in the transaction.