CBRE to market up to 750,000 square feet of office for build-to-suit lease or sale
The partnership of Wolff Urban Development and JP DiNapoli are finalizing entitlements for a 2.5-acre site in downtown San Jose, California. The site is located at 355 W. San Fernando Street and will be entitled for 300,000 to 750,000 square feet of Class A office space. Alternatively the site could be developed with up to 800 residential units.
The site represents the last remaining office development plot in the downtown core. The proposed design incorporates a new modern structure with the foundation to service companies’ headquarters, ample natural light and panoramic views. Within walking distance to Diridon Station, commonly known as the “Grand Central Station of the West,” the location offers tenants an authentic urban environment delivering numerous options for housing, shopping, dining and entertainment.
“With new office, residential and transportation becoming available, downtown San Jose has arrived,” noted Wolff, who also co-owns the San Jose Fairmont Hotel. “This opportunity is indicative of the influx of major office tenants and quality domestic and off-shore investment in the area.”
Mark Schmidt, Managing Director, Greg Poncetta, Senior Vice President, Land Services Group and Chip Sutherland, Senior Vice President of CBRE’s San Jose office are marketing the site.
”355 W. San Fernando Street represents the only fully entitled parcel available in the San Jose downtown core and will be designed to meet today’s occupier needs,” said Sutherland. “Unlike the typical Silicon Valley campus user, employees are truly part of the community, can live downtown and walk to work, collaborate at a nearby restaurant, go for a run on the Guadalupe Trail, and attend a San Jose Sharks game—all just minutes away.”
San Jose is the nation’s 10th largest city, and downtown San Jose is home to over 100 technology companies, including the Adobe Systems and Cisco headquarters and San Jose State University. The San Francisco Bay Area, including Silicon Valley, is the largest tech market in North America and showed a slight acceleration in the rate of tech talent growth in 2014-2015 versus the previous two years. Overall, 120,000 new tech jobs were added from 2010- 2015, outpacing other large tech markets like New York and Washington, D.C. by more than double, according to CBRE Group, Inc.’s annual “Scoring Tech Talent,” research report.
Wolff Urban Development, LLC
Wolff Urban Development, LLC is a leading private real estate and select business investment opportunity organization that invests in and develops commercial urban real estate, professional sports activities, luxury hotel and resort properties, hotel management companies, and hospitality related assets. Assets include the Oakland A’s, San Jose Earthquakes, Fairmont San Jose and the Westin St. Claire.
Based in San Jose, California, JP DiNapoli Companies Inc. is a real estate investment, development, and property management organization, focusing on office, R&D, retail, warehouse, and distribution properties. Assets managed include approximately 3 million square feet of commercial and industrial property owned primarily by partnerships affiliated with the DiNapoli family.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.