Posted 12/14/2023, 1:30:53 PM
Downtown San Jose Office Tower Sold for 70% Discount Amid Remote Work Trends
- Prominent downtown San Jose office tower sold for $23.8 million, about 70% less than 2017 sale price of $80.2 million
- Buyer is group headed by George Mersho of Morgan Hill-based Shoe Palace
- 303 Almaden is 11-story, 157,500 sq ft Class A office building in prime downtown location
- Sale underscores weakness in Bay Area office market due to remote work trends and tech layoffs
- All-cash purchase could signal bottom for downtown San Jose office values