SAN JOSE — A top-tier office hub in downtown San Jose has been acquired by its lender in a deal that could position the landmark property for a turnaround and more tenants.

Riverpark Towers, an office complex that consists of two highrises and a parking garage, is now owned by AEW Capital Management, according to documents on file with the Santa Clara County Recorder’s Office.

A view of the Guadalupe River and some open areas next to one of the Riverpark Towers highrises at 333 West San Carlos Street in downtown San Jose, as seen in 2019 from one of the offices in the building. (George Avalos/Bay Area News Group)

Related Articles

Vibrant vision emerges for empty downtown San Jose retail fronts

New Santana Row office building lands more tenants, is mostly full

Realtor.com leaves Santa Clara to set up headquarters in Texas

Japanese market leases South Bay store site once occupied by Sprouts

FoodMaxx store property in San Jose bought for over $15 million

AEW Capital has taken ownership of the property at a time when the Bay Area office market is beset by soaring vacancy rates, slumping rents, and plunging property values.

The property is located at 333 West San Carlos Street and 300 Park Avenue, county records show.

In 2018, AEW Capital Management provided $230.4 million in financing for the office center, which is a downtown San Jose landmark whose towers have a prominent perch next to State Route 87.

AEW Capital Management took ownership of the property with the idea of stabilizing it with tenants and more robust rents on a long-term basis.

Each of the two towers in the Riverpark office complex is 16 stories. The property totals 607,000 square feet. One highrise is 304,000 square feet in size and the other is 303,000 square feet, according to real estate databases.

The two office towers are perched on the banks of the Guadalupe River. They are next to multiple open spaces, have access to a big meadow, and are a short walk from the Center for the Performing Arts.

The property is relatively close to the Diridon train station and the footprint for Google’s proposed transit-oriented neighborhood. It’s also across the street from the headquarters complex of tech titan Adobe.

In January 2024, the two office towers and parking garage had a combined value of $307.3 million, according to documents on file at the Santa Clara County Assessor’s Office.

Boston-based AEW Capital Management is taking over an office complex that is roughly 70% occupied, according to experts who track the downtown San Jose real estate market.