Cushman & Wakefield Arranges $74.1 Million Financing for Bank of Italy Office-to-Residential Conversion in Downtown San Jose

NEW YORK--(BUSINESS WIRE)--Cushman & Wakefield (NYSE: CWK), a global real estate services firm, announced that it has arranged $74.1 million in financing on behalf of the Silicon Valley Initiative Partnership for the conversion of the historic Bank of Italy building at 12 South 1st Street in downtown San Jose, California. The financing was provided by Deutsche Bank.

The project involves the adaptive reuse of the iconic Bank of Italy building, transforming the 13-story historic office tower into a mixed-use residential and retail asset. Originally constructed in 1926, the property will be converted into approximately 126,000 square feet of multifamily and commercial space, providing 109 market-rate residential units.

Cushman & Wakefield’s Equity, Debt & Structured Finance team, including Dave Karson, Chris Moyer, Alex Lapidus and Chris Meloni, arranged the financing on behalf of the borrowers.

“This transaction highlights the growing momentum behind office-to-residential conversions as cities look for creative solutions to repurpose underutilized or underperforming commercial assets,” said Karson, Executive Vice Chair at Cushman & Wakefield. “Backed by a world-class sponsorship group, the Bank of Italy conversion project attracted strong lender interest and demonstrates continued confidence in well-located, thoughtfully executed adaptive reuse opportunities.”

Upon completion, the new development will feature a mix of studio, one- and two-bedroom residences, complemented by thoughtfully designed amenities, including a fitness center, a lounge and an outdoor terrace. The project will preserve key historic elements of the building, including its façade and architectural detailing, while introducing modern, high-quality interior finishes and systems for future tenants.

Located in the heart of downtown San Jose, the property benefits from strong underlying fundamentals driven by Silicon Valley’s innovation economy, population growth and sustained demand for high-quality rental housing.

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for occupiers and investors with approximately 53,000 employees in over 350 offices and nearly 60 countries. In 2025, the firm reported revenue of $10.3 billion across its core service lines of Services, Leasing, Capital markets, and Valuation and other. Built around the belief that Better never settles, the firm receives numerous industry and business accolades for its award-winning culture. For additional information, visit www.cushmanwakefield.com.