AEW Capital Management has acquired the Riverpark Towers office complex in downtown San Jose, a key move amid soaring vacancy rates and declining property values in the Bay Area. This two-tower complex, consisting of 607,000 square feet, is positioned strategically near various amenities and transit options. Previously financed by AEW in 2018, the firm plans to stabilize the property by attracting tenants and increasing rental rates. Currently, the complex is about 70% occupied, reflecting the broader market challenges facing San Jose's commercial real estate sector.
AEW Capital has taken ownership of Riverpark Towers at a time when the Bay Area office market faces soaring vacancy rates, slumping rents, and plunging property values.
The aim of AEW Capital Management is to stabilize Riverpark Towers with tenants and enhance rents on a long-term basis amidst current market challenges.
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