200 Park will feature 875,000 square feet of class-A office space and 26,000 square feet of terraces.
SAN JOSE—Breaking a nearly decade-long drought of new downtown office towers, developer Jay Paul Company received approval earlier this month to proceed with construction of 200 Park. 200 Park is the first office high rise in San Jose's urban core built on a speculative basis since the 2010 completion of the tower at Riverpark 2.
The 19-story LEED Gold office tower, 200 Park, was fast-tracked due to its conforming nature.
"The approval process was streamlined due to the city's adoption of the downtown plan which allows conforming projects to be approved at a director's hearing rather than a full city council approval," Janette D'Elia, Jay Paul Company COO, tells GlobeSt.com. "There was no opposition to the project. It was unanimously approved as a consent item in the first 10 minutes of the hearing."
The San Francisco-based developer plans to start construction this week and anticipates the tower will be completed by June 2023. The high rise will feature 875,000 square feet of class-A office space with 26,000 square feet of outdoor terraces at 200 Park Ave. located at South Almaden Boulevard.
Although Jay Paul Company is new to downtown San Jose, the developer has a deep history in Silicon Valley, building more than 12 million square feet of workplaces and a development pipeline of more than 6 million square feet. Jay Paul Company's work includes a portfolio of campuses that are home to technology firms including Amazon, Apple, Google, Facebook, Instagram, Microsoft and Northrup Grumman.
"We are very excited to be a part of the evolution of downtown San Jose into a vibrant, transit oriented, world-class destination," says Jay Paul, founder and CEO of the privately held development firm. "As with every important project we undertake, our focus will be on delivering quality and sustainability to 200 Park while we work to foster lasting relationships with our tenants, community and the city of San Jose."
The design for 200 Park features light canyons carved into the structure to ensure that every floor is bathed in natural light. Meanwhile, outdoor terraces on every floor provide room to breathe and unique opportunities for collaboration.
Architects for 200 Park are Gensler, whose work includes Facebook's headquarters in Menlo Park and Shanghai Tower in China. California-based construction firm, Level 10, builders of Facebook's Frank Gehry campus in Menlo Park, will construct 200 Park. Landscape architecture firm, James Corner Field Operations, designers of New York City's High Line, Chicago's Navy Pier and Brooklyn's Domino Park, will lend its design acumen to the private and public spaces for 200 Park.
Total available office space in the Silicon Valley measured 7 million square feet at the close of the third quarter, according to a report by Avison Young. This amount of space translates to a vacancy rate of 6.6% overall. Total available space has fallen 18.8% since the beginning of the year, a sign that tenant demand has remained strong throughout the year. The amount of class-A space on the market decreased 52.4% since the beginning of the year to just 2.7 million square feet at the close of the quarter, says the AY report.
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.
Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
