SAN JOSE, CALIF. – December 20, 2017 – A joint venture between DivcoWest and Rockpoint Group has completed the purchase of Riverpark Towers, a 600,000 square foot Class A office complex close to Diridon Station in downtown San Jose.
Consisting of two 16-story towers built in 1987 and 2009, Riverpark is currently 85% leased. The property includes an adjacent 10-story parking garage with spaces for 1,397 cars. It also offers tenants onsite amenities including a coffee and wine bar, a bike sharing program, a dining lounge, a game room and a fitness room with showers. Riverpark is the closest Class A office complex to Diridon Station, downtown San Jose’s main transit hub, and sits adjacent to the city’s Guadalupe freeway (SR-87).
DivcoWest and Rockpoint plan to strategically invest capital into the building and reinvigorate its appeal to a broad base of tenants. The venture believes the property is ideal for tenants seeking a strong transit-served business location surrounded by access to lifestyle, retail and residential amenities. More than 2,000 residential units are under construction in the immediate neighborhood and Riverpark is just two blocks from the San Jose Convention Center, several hotels and numerous restaurants.
This is DivcoWest’s second purchase of a major office building in downtown San Jose in 2018. In March of this year DivcoWest acquired 2 West Santa Clara, an 84,000 square foot office building across from the SCVTA’s Santa Clara Station. In addition, in 2015 DivcoWest and Rockpoint formed a joint venture to acquire 50 West San Fernando in San Jose.