The three office towers, dubbed Plaza@Almaden, will be 16 to 17 stories tall, providing 840,000 sf of leasable space. Webcor Builders Inc. will begin on the project immediately, according to a statement announcing the project. Skidmore, Owings & Merrill LLP is the architect.

Company sources expect phase one to be ready for occupancy by this time next year. No word yet on when phases two and three will begin. Currently, class A office space, which has about a 1.8% vacancy rate in San Jose, runs about $5.50 per sf to $5.75 per sf per month with full service, or between $66 per sf and $69 per sf an annual basis.

Boston Properties purchased the site from Vine Street Partnerships I and II, which are controlled by San Jose landowners Murray Hall and Rich Cristina. Dennis Chambers and Sherman Chan of Santa Clara-based Commercial Property Services handled the transaction. CPS' Marcia White and Maryanna McSwain have the listing assignment.