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Silicon Valley shows progress on office vacancies
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A Texas developer is moving forward with plans to build a 295,000-square-foot office tower and an adjacent fitness center in west San Jose,
Cypress Equities, based in Dallas, has bought land at the southeast corner of Stevens Creek Boulevard and Saratoga Avenue with plans to build The Boulevard, a 280,000 square foot tower and a 15,000 square foot “athletic resort” expected to break ground this summer, the San Jose Mercury News reported.
The brick-shaped glass tower would rise 12 stories, according to Cypress Equities.
The most recent plans are much smaller than the 460,000-square-foot, mixed-use project proposed two years ago for the 4.8-acre site.
A draft environmental study in August 2020 called for a 308,000-square-foot office building and a 151,300-square-foot health club building.
By May 2021, The Boulevard Project had been whittled down to 400,000 square feet, according to media reports, including a 284,000-square-foot tower and a three-story, 120,000-square-foot Life Time athletic resort next to the office building. It was expected to break ground late last year.
The latest plan by Cypress Equities retains ground-floor spaces for restaurants and shops, in addition to a half-acre, landscaped plaza and garden at the corner of the intersection. The health club will include an outdoor fitness area.
San Jose seeks to create urban villages to add more dense office and retail sites along Stevens Creek Boulevard. The tower could entice one or more tech companies, which appear to once again be looking for new spaces to lease or own as they expand.
“We could not be more excited about bringing this incredible new development to the city in their new urban village plan,” said Chris Maguire, chief executive officer with Cypress Equities.
CBRE commercial real estate brokers Mike Grado and Shane McNulty have begun to scout for office tenants. Sarah Edwards of SRS Real Estate Partners is seeking retail tenants.
The office vacancy rate in Silicon Valley fell to 10.6 percent in the first quarter, the first dip since the recession and a potential sign of recovery in the region.
[San Jose Mercury News] – Dana Bartholomew
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Silicon Valley shows progress on office vacancies
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