Leased Building Reaches Ultimate Success in San Jose

The global housing market has exceeded financial expectations, creating a scenario where most can’t afford to purchase new property. For a prolonged period, this extended to the San Jose Riverpark Towers, which provided corporate housing for multiple businesses. Leases were minimal for numerous years until marketing campaigns enabled them to flourish in the urban area. Numerous leases revolving around technology companies have been filed and completed with Riverpark Towers, allowing for 99.8% of this facility to be rented under yearly contracts.

The Newmark Knight Frank – Commercial Real Estate Firm handles all contracted leases with this corporate facility. Four representatives with this brokerage have spent two-years engaging in an extensive marketing campaign. It was these four individuals contact potential tenants and complete comprehensive agreements. Owners of this facility include the Rockpoint Group and DivcoWest. It should be noted that the Riverpark Towers have become a staple in the San Jose skyline, which have provided a level of beauty and contemporary art to this jurisdiction. Real estate experts anticipated Downtown San Jose to become an office market with unattractive buildings. Instead, it’s becoming a mecca for innovative architecture, meaning San Jose could one day rival Silicon Valley.

Potential Buyer Details

Those wanting to purchase office space in the Riverpark Towers, when it becomes available, won’t require a great level of money. Associated costs with renting out locations in the Downtown sector are considerably cheaper than other metropolises like Chicago, San Francisco, Los Angeles and New York City. The percentage rate displayed with this facility is owed to the Newmark Knight Frank Real Estate Brokers, who have dealt with technology firms for a prolonged period. Previous contacts were extensive and allowed them to rely on earlier dealings for future negotiations towards committed contracts with the Riverpark Towers.

The Riverpark Towers in Downtown San Jose is one of the most significant facilities in the metropolis. They’re considered the most significant corporate centres in the San Jose region, with a similar resemblance to the World Trade Centres. When the Rockpoint Group and DivcoWest purchased this property in 2017, it cost them $287 million. Today the property is worth more than $500 million, with valuations anticipated to rise by a yearly percentage of 5.4%.