Big north San Jose deal points to hot Silicon Valley market

The Mercury News

Posted In — News & Press | In the News

SAN JOSE – The sale of a big office complex in north San Jose could signal a refuge for modestly sized corporations who have been squeezed in the past year by tech titans such as Google, Facebook, Apple and Amazon.

Central Park Plaza was bought for $83.8 million by an affiliate of Los Angeles-based realty investment firm Preylock Real Estate Holdings, Santa Clara County property documents show. The buying entity, Preylock SJC, purchased the six-building office complex on Aug. 30 from an affiliate of Transwestern Investment Group, a realty investment company, according to the county records.

“Central Park Plaza has options for those smaller tenants that are having trouble finding office spaces with all the big deals that are happening,” said Chad Leiker, first vice president with Kidder Mathews, a commercial real estate brokerage.

“The sellers put some money into upgrading the property to position it so they could attract companies from the Peninsula,” Leiker said. “They have successfully brought in tenants with a decently priced product, an improved image and more of a high-tech feel.”

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