$125MM Santa Clara Project Gets Approved

Terrence J. Rose Inc. Real Estate, Santa Clara, Bay Area, Caltrain shuttle service, Silicon Valley, Colliers International

Terrence J. Rose Inc. Real Estate, Santa Clara, Bay Area, Caltrain shuttle service, Silicon Valley, Colliers International

Santa Clara, CA (June 2, 2017) – Terrence J. Rose Inc. Real Estate Vice President Tom Siewert announced today that his firm has received entitlement approval from the City of Santa Clara to substantially redevelop an under-utilized commercial office property that a Rose partnership owns at 3375 Scott Blvd. in Santa Clara.

The long-time Silicon Valley developer will redevelop a nearly 6-acre property in the absolute center of Silicon Valley. The site, called Garrett Business Center, is comprised of four single-story office buildings totaling approximately 76,672 rentable square feet. It was built in the late 1970s and is near the Hwy 101 corridor and adjacent to a Caltrain shuttle service. Caltrain’s Lawrence Station is about five minutes or two miles away.

Earlier this week Rose gained city approval to demolish the existing structures and build a new six-story contemporary and amenity-rich office building comprised of approximately 250,000 square feet with a total estimate project cost of $125 million.

The new office building, which is being rebranded as 3375 Scott Blvd., will front its namesake street while a four-story, structured parking lot will be added to the rear of the building.

The new LEED Certified building will feature floorplates up to 41,500 square feet with floor-to-ceiling glass on each floor. A rooftop deck is planned with an outdoor kitchen and various collaborative areas for informal meetings. The 6th floor will have a balcony along the eastern and southern perimeters of the building, while ground-floor amenities include three outdoor kitchens with seating areas, a food-truck zone, fireplace with seating, two horseshoe courts and a rose garden. Arc Tec is the building architect and a general contractor for the project has not yet been selected. See www.3375scott.com to learn more.

This area of Santa Clara is undergoing a massive transformation from older generation, single-story office and service center product to modern, mid-rise headquarter facilities and offices that are desirable to today’s technology companies.

Palo Alto Networks, Aruba Networks (which Hewlett-Packard acquired in 2015 for $2.7 billion) and Realtor.com and among the companies that occupy space in adjacent buildings to 3375 Scott Blvd. Those buildings range from four-to-eight stories.

Area amenities include over 50,000 existing single-family and multifamily homes within a three-mile radius, new apartment communities, walking distance to the new Santa Clara Square Marketplace (anchored by Whole Foods with a movie theater planned for future development), Oakmead Village, Mercado Shopping Center, dozens of retail and service businesses along and near Lawrence Expressway, Santa Clara’s Koreatown and the El Camino Real.

The development company has tapped Mike Rosendin, sior, ccim, Craig Fordyce, sior, ccim and Shane Minnis, leed ap from Colliers International’s San Jose office to market the building for lease. Asking rental rates are not available at this time. The team seeks to lease the entire building to a single corporate tenant. In terms of schedule, the building shell is expected to be completed in approximately 30 months, or by the 4th quarter of 2019. Construction may begin as early as the first quarter of 2018 after construction documents and final permit are reviewed and approved by Santa Clara.

About Colliers International
Colliers International Group Inc. (NASDAQ and TSX: CIGI) is an industry-leading global real estate services company with 15,000 skilled professionals operating in 68 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.
Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 12 consecutive years, more than any other real estate services firm.
For the latest news from Colliers, visit Colliers.com or follow us on Twitter: @Colliers and LinkedIn.

About Terrence J. Rose Inc. Real Estate
Terrence J. Rose, Inc. is a leading Bay Area commercial real estate development company with a reputation for quality-conscious construction, energy efficient materials, practical operations, sound management and continuity of design. The firm has developed over 4,000,000 square feet of commercial real estate and is well known by many companies for providing quality projects and property management services.

Terrence J. Rose, Inc. has been developing in Northern California for over 40 years and has developed for and/or represented many of the major companies in the area. The company’s success is due to meticulous attention to detail and providing facilities of superior quality. The firm’s corporate office is in Santa Clara and also maintains an office in Livermore, CA.

West Coast Commercial Real Estate News