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Essex Divests Downtown San Jose MF Tower for $175M
SoCal-based OSM Property LLC acquired One South Market, a 23-story high-rise at 1 S. Market St. in downtown San Jose from an affiliate of Essex Property Trust for $175 million. That transaction price works out to more than $560,897 per unit.
The luxury apartment building includes 312 one-, two- and three-bedroom units and includes ground-floor retail space. The community features a fitness center, pool and spa, BBQ area, clubhouse and 18th floor roof deck with fire pit.
One South Market was developed by KT Urban, formerly KT Properties, and delivered in 2015. The property is near San Pedro Square and was the first significant construction project in downtown San Jose following the 2009 recession.
The building sits next to 160 W. Santa Clara St., a 229,000-square-foot Class A office building that also traded hands this week for $131.83 million. Burlingame-based Barrett Block Properties acquired that 15-story building in downtown San Jose from Boston-based Beacon Capital Partners.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition




