If office valuations are bottoming out, a transaction involving a two-tower office complex in downtown San Jose could be a benchmark for how low the bottom may be in Silicon Valley.
The high-profile office campus known as 111 Market Square has traded for $34.2M, which represents a discount of about 77% compared to its last sale price of $141M in 2019.
The 325K SF campus, consisting of a 12-story tower and an adjacent 10-story tower at the corner of North Market Street and West St. John Street, was sold to a real estate entity headed by George Mersho, the Shoe Palace CEO, according to a report in SiliconValley.com.
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