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Majestic New Office Tower Coming Downtown San Jose

Posted by Admin on November 21, 2018
| Real Estate, San Jose News
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According to a recent article from The Mercury News, a striking new office tower, complete with rooftop gardens, could soon be coming to downtown San Jose.  The new building would have a considerable impact on the San Jose skyline, and could also become an attraction for a major tech company.

With 17 stories, the office tower’s plans show it will be designed to give the appearance of four separate towers.  According to the proposal from veteran developer Sobrato Organization, the project is currently being planned on the site of a surface parking lot near the Fairmont Hotel, and up to 2,900 people would be able to work in the office portion of the future complex.

Chase Lyman, vice president of leasing and acquisitions with Sobrato, was quoted in the article, saying, “This is unique.  Downtown San Jose has never seen an office project like this before.  It will be an iconic headquarters location.”

In total, the office tower would measure 581,000 square feet, including 20,000 square feet of ground floor retail, and with floor sizes of up to 54,000 square feet.  Evidently, with wide-open space, the goal for the building is to attract Silicon Valley tech companies.

San Jose Mayor Sam Liccardo was also quoted in the article, saying, “Any day is a good day that a property owner tells us that they’re ready to invest hundreds of millions of dollars into transforming a downtown parking lot into a high-rise home for an innovative employer.”

Apparently, the project would front on South Market, West San Carlos, and South First streets, and Lyman mentioned it will be called Market Street Towers.

The office complex was designed by Miami-based design, architecture, and urban planning firm, Arquitectonica.

Sobrato executives are determined to construct the new tower, regardless of whether or not a tenant is secured for the space.  As Lyman explained, “The plan is to build this project.  We are not just putting pretty pictures together for the fun of it.  We are going to develop it.”

Seeing this proposal from a developer of Sobratos’s stature indicates San Jose’s urban core has built significant momentum.

Senior vice president of commercial realty brokerage Colliers International, Nick Goddard, said, “The wind is truly behind downtown San Jose now…  The clever money is here, more and more investors are coming in.”

Sobrato’s goal is to attract either a sizable number of prospective tenants, or one single, large company with the potential to bring thousands of new jobs to downtown San Jose.

Lyman further explained, “What is unique about this block is that this is an acre and a half in size.  That allows for the big floor plates.  It could be a single-company type headquarters.  Or there could be multiple users.  The building is designed to appeal to a wide range of users, including technology companies.”

Lyman went on to share that the rooftop gardens will include multi-level terraces and could be exclusive to different tenants or enjoyed by one single tenant.

Now, more than ever, there’s reason to believe downtown San Jose is on its way to becoming a destination urban core.

(Read the original article on The Mercury News.)

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