Joint Venture Gets On Board With Transit-Oriented Plan

The land deal was completed by a joint venture between Trammell Crow and Multi-Employer Property Trust.

San Jose, Calif.—Trammell Crow Co. alongside Multi-Employer Property Trust and Bentall Kennedy are set to kick off a transit-oriented development in San Jose. The joint venture paid $58.5 million for a parcel located in an area  that’s slated for a project in the vein of San Francisco’s Transbay District.

374-384 West Santa Clara St.

Located near Diridon Station at 374-384 West Santa Clara St., the 8.2-acre site is zoned for two 10-story office buildings and one nine-story residential building. The multi-phase initiative would bring office and residential product in an area that has 10 million square feet of office tenants and high residential demand.

The site is a short distance away from the SAP Center and a number of amenities. Diridon Station is the Silicon Valley endpoint of the Caltrain ACE trains, VTA light rail and the site of an upcoming BART station.

According to Ashley Powell, senior vice president and head of transactions for Bentall Kennedy’s western region, MEPT plans up to 960,000 square feet of office space with large floor plates and high clear heights intended to attract technology tenants. Also in the works are more than 30,000 square feet of retail and 325 multifamily units.