Boston Properties, Inc. and Canada Pension Plan Investment Board (CPPIB) have formed a joint venture to develop Platform 16, a 1.1 million square foot Class A urban office campus near Diridon Station in downtown San Jose, California.
“Platform 16 is ideally located in one of the largest technology hubs in the country. With easy access to public transportation, as well as local housing, culture, food and entertainment, Platform 16 will help companies attract and retain the talent they need to support their growth,” said Aaron Fenton, Vice President, Development for Boston Properties.
CPPIB will have a 45% ownership interest in the Platform 16 joint venture. Boston Properties will retain the remaining 55% ownership stake and provide customary development, property management and leasing services.
The area near Diridon Station has become one of the region’s most prominent locations, home to more than 120 technology firms as well as consulting and financial organizations.
Located on a 5.4-acre site, Platform 16 is adjacent to Google’s planned eight million square foot transit village and Diridon Station, the largest multi-modal transportation hub in the Bay Area consisting of Caltrain, VTA light-rail, the ACE train, and the planned BART and high-speed rail lines.
This joint venture partnership between CPPIB and Boston Properties will support the development of the planned three building campus. The partners expect the buildings to feature large floorplates ranging from approximately 25,000 to 90,000 square feet, 15-foot floor-to-floor heights, 16 large outdoor terraces that give the project its name, along with multiple indoor and outdoor workspaces, and on-site amenities including a large fitness and wellness facility and conference center. Platform 16 will have immediate access to the adjacent Guadalupe River Park and various retail and restaurant amenities.
Boston Properties has secured approvals and entitlements for the development of Platform 16, completed design plans and begun to clear the site. Construction could commence in the next six months, depending on market and other conditions.