San Jose Office Properties Sell for Deep Discounts Amid Tech Slowdown
• Downtown San Jose office complex 111 Market Square sold for $34.2 million, a 77% discount from its 2019 purchase price of $141.4 million
• Buyer George Mersho also recently bought another downtown San Jose tower, 303 Almaden, for 70% below its prior purchase price
• Deals suggest San Jose office properties now worth less than they were nearly a decade ago
• Coronavirus and tech layoffs have weakened demand for office space, leading to rising vacancies and falling rents, values
• 111 Market Square touted as a top-notch “Class A” property after significant upgrades by prior owner Rubicon Point Partners