Cushman & Wakefield to Raise Capital for up to $1.5B of Development for Net Zero Initiative in Silicon Valley

Cushman & Wakefield, San Jose, Silicon Valley, Westbank, Urban Community, Peterson, OPTrust,

First projects to start construction include Park Habitat, Bank of Italy, and The Orchard Residential in downtown San José

SAN JOSE, Calif., – May 24, 2022 –  Cushman & Wakefield, a leading global real estate services firm, is out to market to secure financing through syndication for a capital stack up to $1.5B for a largescale net zero initiative in San José, California, the emerging epicenter of Silicon Valley.

Developed by the partnership of Westbank, Urban Community, Peterson and OPTrust, the Silicon Valley initiative comprises seven projects across downtown San José, forming an overall campus vision to bring together the ingredients of community—housing, workspace, retail, public space, amenities and nature—into the center of Silicon Valley. The net zero initiative will create 1,000 rental homes and over 4 million square feet (msf) of workspace in downtown San José in the coming years.

The first projects to start construction include Park Habitat, a 1.3-msf workspace building designed by architect Kengo Kuma, the Bank of Italy, a 130,000-sf historic landmark being transformed into a mixed-use workspace by architect Bjarke Ingels and The Orchard Residential, a 500,000-sf, 540-unit rental residential tower designed by architect James KM Cheng.

A Cushman & Wakefield Equity, Debt & Structured Finance (EDSF) team comprising Dave Karson, Steve Kohn, Chris Moyer, Alex Lapidus, and Meredith Donovan is leading the capital raise effort for the initiative.

“We are raising capital for projects valued at over a billion-and-a-half dollars, which will likely be through a combination of senior financing and/or subordinate financing. We are considering lenders that have significant hold capacity to reduce syndication risk,” said Dave Karson, Vice Chairman. “There is tremendous growth happening in San José, the heart of Silicon Valley, right now and that brings a lot of potential for supply. We believe having differentiated net zero product like this creates an exceptional investment opportunity.”

Christopher Moyer, Senior Managing Director added, “Westbank has a tremendous track record of place making and creating value not just for the success of its own projects but also in thoughtfully reimagining the community around them.”

Cushman & Wakefield, San Jose, Silicon Valley, Westbank, Urban Community, Peterson, OPTrust,

Park Habitat recently announced its ground breaking on Earth Day this year and is set to complete in 2025. The Bank of Italy’s renovation is anticipated to complete in Summer 2023. The Orchard Residential is set to commence construction in Fall 2022.

“It has never been more important to build projects that contribute positively to our cities and communities and that are sustainable—socially, environmentally and economically,” said Andrew Jacobson, Vice President US Development at Westbank. “We’ve designed all of the projects in our initiative with that in mind and we’re confident the first three projects will create value in San José and beyond. We’re looking forward to working with investors who share our commitment to supporting the future growth and success of cities through projects of this kind.”

About Cushman & Wakefield 

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and approximately 60 countries. In 2021, the firm had revenue of $9.4 billion across core services of property, facilities and project management, leasing, capital markets, and valuation and other services. To learn more, visit or follow @CushWake on Twitter. 

About Westbank

Westbank is a practice dedicated to the creation of inspiring environments. We fundamentally believe in the power of well-functioning cities and the overarching values best described as the common good – that the solutions to our greatest challenges will be found in helping our cities live up to their full potential. Established 30 years ago, Westbank is a private company that partners with like-minded global organizations to become ever more impactful. We concentrate primarily on projects that serve as catalysts for broader change in our core cities of focus: Vancouver, Toronto, Seattle, Tokyo and San José. As a global leader in net zero development and the co-owner of one of North America’s largest district energy providers, we are committed to largescale net zero carbon initiatives. Our body of work includes residential, hotels, retail, creative workspace, district energy, affordable housing, exhibitions and public art, with over $50B of projects completed or under development. As our practice has evolved, we have woven together an ecosystem of cultural enterprises including restaurants, gyms, spas, music venues, private members clubs, fashion, dance schools and food halls. We bring this ecosystem to life through collaborations with some of the most talented artists, architects, designers and entrepreneurs in the world. We look for every opportunity to strengthen the bonds that unite us – to create shared experiences that bring people together and help build more inspiring, sustainable communities. Through these and other endeavors, our evolution continues as we become a cultural platform for the creative city. Westbank (

About Urban Community

Urban Community is a local development practice with strong connections to the community of San José.

They collaborate with community members, designers, technologists, city officials, and builders alike to re-envision downtown San José. They are redefining urbanism and community equity while pragmatically experimenting with “Smart City” initiatives. Their hope is that Downtown San José will be a city designed to adapt and support the rapidly changing way we all live. They are shaping San José into a people-first city; a city with a soul.

Urban Community’s projects include 227 N 1st Street, The Armory, San José Theater and AMC Theater. Urban Community (

About Peterson

Peterson Group (“Peterson”) is a family-owned private entrepreneurial company based in Hong Kong and Vancouver. The company has expanded over the past sixty years from a humble trading company sharing a single desk to a thriving and diversified international group. Today Peterson has businesses in various sectors and different regions of the world, while remaining true to the fundamental values on which the company was founded: integrity, entrepreneurship and partnership. We pride ourselves on our reputation of building lasting relationships with partners, stakeholders, and community groups, continuing to establish our presence as a reliable and trustworthy partner and market leader, and above all else, making positive contributions to the communities in which we live and work. The principal business of Peterson is investments in property globally, crossing asset classes and strategies. In addition, Peterson has investments in private equity, venture capital, private debt and asset management. Throughout our history, Peterson has owned, developed and managed a diverse portfolio of projects including residential, office, hotel, retail, industrial and mixed-use. Across North America, Peterson’s interests include ownership in over 10 million square feet of commercial property, over 2,400 units of residential and hospitality, and participation in the development of another 14.0 million square feet. Peterson Group (

About OPTrust

With net assets of over $25 billion, OPTrust invests and manages one of Canada’s largest pension funds and administers the OPSEU Pension Plan (including OPTrust Select), a defined benefit plan with over 100,000 members. OPTrust is a global investor in a broad range of asset classes including Canadian and foreign equities, fixed income, real estate, infrastructure and private markets, and has a team of highly experienced investment professionals located in Toronto, London and Sydney. OPTrust (

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