By Meghan Hall
Local developer Menlo Equities is moving forward with the marketing of a new project that could bring more than one million square feet to Great America Parkway in Santa Clara. According to documents obtained by The Registry, the developer has enlisted brokerage firms Colliers International and Avison Young to market its newest project, entitled “The Block,” for lease. Located at 2901 Tasman Drive, the new development would replace four low-rise office buildings with a new 12-story structure in one of Santa Clara’s quickest growing neighborhoods.
According to City documents, Menlo Equities has not yet received approvals for the project, but is currently working its way through the entitlements process. The development firm is seeking a General Plan Amendment and related approvals for the 10-acre site. Once complete, The Block will include 1,031,857 square feet of office area, an additional 38,387 square feet of amenity space and 3,655 parking spaces.
The office square footage will be divided into two buildings. Both will be 12 stories, and will be 527,000 square feet and 520,300 square feet, respectively. Floorplates will be about 43,500 square feet in size. A seven-level bridge space between the two buildings will connect them, offering easy and open building-to-building access. Each building will also have its own roof terrace.
Building One is expected to be able to accommodate 282 workstations, an allocation of 138 square feet per person. 11 private offices and 12 conference rooms are also highlighted in its plans. Building Two, which is slightly smaller, can accommodate 277 workstations and 141 square feet per person. It will have 12 private offices and 13 conference rooms.
The amenity building, which will total 50,000 square feet, will include a fitness center, conference facilities, and a rooftop terrace as part of a separate structure. The buildings, as well as two parking structures, will be oriented around a central plaza and courtyard with sports courts. The design of the project, according to documents, is based on the needs of technology companies in the market for a single headquarters location, one that is located at a prominent gateway corner within Santa Clara.
As of this writing, neither Colliers nor Avison Young had returned The Registry’s request for comment. It is unclear as to whether or not Menlo Equities is pursuing the project on a speculative basis, or if the firm is hoping to secure leases before beginning construction. However, an offering memorandum obtained by The Registry indicates that delivery for the two office buildings can be scheduled as early as the first quarter of 2023.
The architect of record for the project is RMW, while the project’s contractor is Devcon Construction. The development will target USGBC LEED Gold upon completion.
Once complete, the development will be part of a growing part of Santa Clara along Great America Parkway. Within walking distance of The Block is the 35-acre Central Park North, 1,680 residential units, a 440-key business hotel as well as a 260-room Equinox hotel and a 115,000 square foot global foods market. An additional 4,500 residential units are in the construction pipeline as well. Entertainment attractions, such as California’s Great America and Levi’s Stadium are also nearby, as are companies such as Abbott, Apple, McAfee, Dell, Hewlett Packard and AirBnb.
Headquartered in Menlo Park, Calif., Menlo Equities has pursued a wide range of projects throughout Northern California in recent years, focusing on core-plus and value-add assets, as well as development. According to its website, the firm has accrued more than $6.75 billion AUM over 25 years and has owned 19.9 million square feet. Other major projects that the firm has produced include 3333 Scott Boulevard, a 1.6 million square foot office property on 30 acres, also located in Santa Clara. The development was subsequently leased to several credit tenants, including Palo Alto Networks, Hewlett Packard and Akamai Technologies.