The 111 Market Square office towers, formerly Community Towers, at 111 W. St. John and 111 N. Market streets, have been purchased by an affiliate of Rubicon Point Partners.
Combined, the towers built in 1965 have 324,000 square feet of space. The previous owners – Swift Real Estate Partners in 2014 and Ridge Capital Partners/TPG Equity REIT in 2016 – both invested in modernizing the look of the buildings. MODULUS Architects of San Jose helped bring the towers from Class B to Class A status in 2019 by applying back-lit decorative glass cladding.
Swift paid $40 million in 2014 and the latest owners paid $64.8 million in 2016. The latest sale was for $141 million. Tenants include Crewners Barber Shop, Orange Theory Fitness, Kerio Technologies, BCA Architects, Virtual PBX Telecommunications and a number of law firms.
Trianon Theatre has a new owner, Sand Hill Property Co., which paid $5.2 million for the 1923 building.
New Beginnings Community Church of Redwood City intends to move into the building later this year and serve as a second campus for its activities.
The Trianon Theatre website does not have any musical bookings listed beyond this month. Also known as Le Petit Trianon, named after the Grand Trianon and Petit Trianon on the grounds of Versailles in France, the building was originally a house of worship for Christian Assembly.
Urban Catalyst has found a second downtown site for Opportunity Zone redevelopment and partnership with Urban Community’s Gary Dillabough.
The Bo Town seafood restaurant property at 409 S. Second St. will be developed into a high-rise use. Urban Community also has control of the Valley Title development site across the street.
Richard Berg and Case Swenson are also involved in the investment.
Urban Community and Urban Catalyst are also involved in a project on South First Street next to the Bank of Italy building. Dillabough and Urban Community are now involved in 20 deals totaling an investment of more than $300 million in downtown San Jose.