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Meanwhile, Lowe is also in the planning stage for a Triangle-based Class-A office project called North First Campus, located on North First Street and Component Drive. The 440,000 square foot complex includes nine office buildings ranging from four to eight stories, seven parking garages, a series of “pocket” parks and a 1.2-acre grassy Campus Commons.[contextly_sidebar id=”b718cc8d5e626e4a9c966db97a52a28a”]The 43-acre site near San Jose International Airport is fully entitled for up to 2.8 million square feet of development, according to Hanns Lee, senior vice president of Lowe Enterprises. The firm’s current master plan envisions 1.8 million square feet, he said. Cassidy Turley will be the leasing representative for North First Campus, Gensler is the architect and Hathaway Dinwiddie is the general contractor. Completion is scheduled for summer of 2015.
Samsung Semiconductor is also planning an expansion on North First Street (at East Tasman Drive) of its research and development campus. The 680,000 square feet of space will be encompassed in two connected 10-story buildings and will replace the current 200,000-square-foot office building that Samsung has been occupying. The new $300 million complex is expected to house at least 2,000 employees, according to spokesman Chris Goodhart. A summer 2015 completion is planned. NBBJ is the architect and Webcor Builders is the general contractor.
Cisco System’s 118,000-square-foot West Tasman Campus in North San Jose was recently acquired by TMG Partners with financial partner Fortress Investment Group. The eight-building complex will undergo interior renovations while three nearby parking garages are constructed. Cisco said it plans to lease back the buildings for one to four years.
Five office renovation projects are currently underway in the triangle on North First Street near West and East Trimble Road, including two sites for MWest Properties, 96,000 and 206,000 square feet, two sites for Lane Partners, 265,000 and 75,000 square feet, and a 229,000 square foot site for Bixby Land Company.
On the close perimeters of the Triangle, MWest has acquired three campuses in North San Jose from Carr Properties. The acquisition includes 12 R&D and corporate office buildings just north of Highway 237 totaling 825,000 square feet.
Super Micro Computer recently signed an agreement to acquire the 36-acre campus of the San Jose Mercury News newspaper and the Bay Area News Group at 750 Ridder Park Drive, located just east of Highway 880, for $30.5 million.
Samsung Information Systems, in a joint venture with TMG Partners and Farallon Capital Management, is converting an 8.5-acre site at the Cypress Business Park in Mountain View (just west of Highway 101) into an R&D campus with two new six-story Class-A office buildings and two five- to six-story parking garages. The project is priced at $200 million. Studios Architecture is the architect and Devcon Construction is the general contractor.
And Trammell Crow is considering developing manufacturing, industrial and office space that it acquired from Cisco in the community of Alviso, located just north of Highway 237.
Perhaps nowhere else in the country is there such an opportunity of development and redevelopment for so many varying types of real estate products on a scale as large as this. Driven by the very strong technology sector that powers industries beyond our borders, the Golden Triangle has reignited Silicon Valley’s real estate market beyond anyone’s expectations. It makes the arrival in 2018 of BART’s expansion into Milpitas and San Jose a perfectly timed cue that will only strengthen the gilded appeal of the region.
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