SAN JOSE, CA-Bridge Bank, a full-service professional business bank, has signed a long-term office lease at 55 Almaden Blvd in the center of Downtown San Jose with the property's owner, Embarcadero Capital.
This is the largest lease signed in San Jose's Downtown market since late 2010.
The 10-year renewal and expansion is for approximately 70,000 square feet and is only the fourth deal over 50,000 square feet to be signed in Downtown San Jose in more than a decade.
Scott Daugherty, corporate director of occupiers corporate finance for Colliers International represented Bridge Bank in the restructuring and expansion of their headquarter lease. Bridge Bank currently occupies three floors and with the completion of this deal, will expand into one additional floor.
Bridge Bank is set occupy four of the eight floors at 55 Almaden Blvd., bringing the total occupancy of the building to just over 87%.
“Bridge Bank carried out a dynamic process over the course of the past year to evaluate the Banks' long term Headquarters' occupancy strategy. The interests of the Banks' customers, employees and shareholders were carefully weighed.” said Daugherty, who represented Bridge Bank. “Bridge worked closely with Embarcadero Capital to design a solution that included superior signage identity, customer and employee parking and access, upgraded interiors that meaningfully increased the utilization of the facility at an occupancy cost per employee that would be the envy of its peer banking institutions here in Silicon Valley and Downtown San Jose.”
55 Almaden Blvd is part of a larger three building office project known as the Almaden Financial Plaza.
Embarcadero Capital retained ownership of the Almaden Financial Plaza in 2012 and has recently completed renovations in the lobbies, common area corridors and restrooms. Located at the intersection of West Santa Clara Street and Almaden Boulevard, Almaden Financial Plaza is within walking distance of many restaurants, retail services, residential, hotels, Caltrain and Light Rail. With high-quality finishes, panoramic views of Silicon Valley and the surrounding area, extensive landscaping and a detached parking garage, the Almaden Financial Plaza is a prime location for any downtown tenant.
Bridge Bank is recognized by SNL Financialon its 2012's Top 100 Performing Banks with assets between $500M and $5B, and designated “Superior” by BauerFinancial and IDC, Bridge Bank is a full-service professional business bank founded in the highly competitive climate of Silicon Valley in 2001.
Colliers International is a global leader in commercial real estate services, with over 13,500 professionals operating out of more than 482 offices in 62 countries. A subsidiary of FirstService Corporation, Colliers International delivers a full range of services to real estate users, owners and investors worldwide.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
