EMERYVILLE, Calif.--(BUSINESS WIRE)--Harvest Properties, a full service commercial real estate development and management firm, today announced that the company has signed a contract with Principal Real Estate Investors to manage their recently acquired asset in downtown San Jose, 225 West Santa Clara St. Under the agreement, Harvest will provide a full range of property management services for the 16-story, 349, 318 square-foot Class “A” office building.
Harvest Properties and Des Moines, IA based Principal Real Estate Investors have a longstanding relationship which spans many years and includes dozens of successful commercial property transactions. Harvest Properties, who own and/or manage approximately nine million square feet of commercial property throughout the Bay Area, will assume management duties effective immediately.
“225 West Santa Clara is an exceptional asset located in the rapidly evolving downtown San Jose submarket,” said John Winther, founder and Managing Partner of Harvest Properties. “The quality of the real estate, transit orientated location, and ample amenity base secure this location as a best-in-class building.” Mr. Winther added, “We are pleased to expand our relationship with Principal Real Estate Investors by providing management of this significant asset.”
The Energy Star rated office tower is 91 percent leased to more than 12 tenants in a variety of industries, including financial and business services. Design features include state-of-the-art building systems, striking glass façade, and a 5-level parking structure. Originally constructed in 2001, the building recently underwent extensive renovation including: high-quality build-out of tenant spaces, common area enhancements including patio remodels, as well as HVAC system upgrades and improvements. 225 South Market provides immediate access to major transportation corridors and is just a 5-minute drive to San Jose’s Norman S. Mineta International Airport.
Principal Real Estate Investors purchased the asset from Equity Office Properties. Senior Managing Directors, Michael Leggett and Gerry Rohm, as well as Managing Director Steven Golubchik, of the San Francisco office of Holliday Fenoglio Fowler, represented Equity in the transaction. Principal has retained Colliers International as its new listing agent for the building, with brokers Michael Rosendin, Craig Fordyce, Susan Gregory and Shane Minnis representing the new ownership.
About Harvest Properties
Founded in 2002, Harvest Properties is a full service commercial real estate investment firm specializing in acquiring, developing, managing and financing commercial property, primarily through joint venture investments in Northern California. Harvest Properties strives to generate attractive returns for its financial partners and provide creative real estate solutions and outstanding service. Harvest Properties’ portfolio comprises approximately nine million square feet of office, industrial, R&D and retail properties in the San Francisco Bay Area. For more information, please visit www.harvestproperties.net.
About Principal Real Estate Investors
Principal Real Estate Investors manages or sub‐advises $42 billion in commercial real estate assets. The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group. For more information, please visit www.principal.com.