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California  + Bay Area  + Apartments  | 

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

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Sale/Acquisition
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