Shorenstein Properties LLC has sold Santa Clara Towers, the 11-story, twin Class A office towers totaling 445,000 square feet located along Highway 101 in the Golden Triangle submarket of Santa Clara, to an undisclosed institutional investor. The terms of the transaction were not disclosed.
Russell Ingrum, Joe Moriarty, Scott Prosser and Jack DePuy with CBRE represented Shorenstein in the transaction.
The Class A office towers have convenient access to Route 237 and Interstate 880 and are in close proximity to major hotels, universities and San Jose International Airport.
“We are excited to have reached this agreement for the sale of Santa Clara Towers,” said Jed Brush, Senior Vice President at Shorenstein. “I am confident that under new ownership, Santa Clara Towers will continue to attract a diverse mix of tenants who seek a Class A office experience in the heart of Silicon Valley.”
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.