Property Type

SAN JOSE, CALIF. — DivcoWest has acquired 2 West Santa Clara, an 83,896-square-foot historic office building in downtown San Jose, for an undisclosed sum. The building is situated at the corner of West Santa Clara and North First streets. The property was built in 1910 and expanded in 1927 with the addition of a nine-story annex. The asset has been extensively renovated within the past few years. DivcoWest plans to carry out a full rehabilitation to provide smaller tenants with the opportunity to have a full-floor presence. The space served as one of the first examples of steel-framed office construction in California. It was originally the home of First National Bank. The property was also the headquarters for Bank of the West and, later, lumber company Pacific States Industries. Ritchie Commercial represented the buyer and seller in this transaction. The acquisition is part of a joint venture with an investment group led by Gary Dillabough.

OAKLAND, CALIF. — A joint venture between Ellis Partners and Intercontinental Real Estate Corp. has purchased a vacant parcel in downtown Oakland known as 1100 Broadway. The acquisition includes the dilapidated, historic Key System building, which contains 34,000 square feet across seven floors. The JV plans to restore the vacant building and integrate it into a new Class A office tower to be built on the site. The Key System building was constructed in 1911 as the headquarters of the Key System Railway, which transported East Bay residents locally and across the lower deck of the Bay Bridge to San Francisco. The seller, SKS, purchased the lot and vacant building in 2008. JLL’s Capital Markets team of Michel Seifer, Rob Hielscher and Erik Hanson brokered the transaction.