Construction Go-Ahead Set for Q2 Next Year

SANTA CLARA, CA—Washington Holdings' 46-acre Mission Park will soon undergo a major transformation as it adds retail and hotel uses to the existing office park. The city of Santa Clara recently approved the addition of 24,000 square feet of retail space, as well as a five-story 175-room extended stay hotel on the property. Construction will begin in the second quarter of 2017 and completion is anticipated for mid-2018.

“In 2013 we took over Mission Park with the goal of creating a high quality, modern office park catering to small and mid-sized tech companies,” said Casey Holt, vice president and general manager of Washington Holdings, an institutional commercial real estate investor. “With the office building renovations now complete throughout the park and approvals in place on the retail and hotel redevelopment, our vision for an amenity-rich Mission Park will soon be fully realized.”

To date, Washington Holdings has invested $20 million in upgrades to building facades and common areas, in addition to adding outdoor amenity spaces and sidewalks to create a more modern, pedestrian-friendly environment. Tenants have responded by leasing more than 350,000 square feet in the renovated Mission Park.

Currently comprised of 19 buildings totaling 650,000 square feet, three buildings will be razed to accommodate the new retail and hotel buildings, which will leave the property with 560,000 square feet of office/R&D space. Served by a large outdoor patio and courtyard spaces, five retail buildings ranging from approximately 1,300 square feet to 7,200 square feet will house restaurants and other services. The hotel concept, Branded Element by Westin, a Starwood extended stay hotel, emphasizes sustainability and caters to the frequent traveler.

“It is critical in today's competitive marketplace to provide tenants with a thoughtful array of amenities that have become commonplace within large corporate campuses,” said Mike Saign, a Newmark Cornish & Carey senior managing director. “The new on-site retail and hotel will complete the package for Mission Park in offering best in class office/R&D facilities for tenants to successfully recruit and retain top Silicon Valley talent.”

Saign is marketing the project for lease, along with executive managing director Jeff Arrillaga and executive vice president Todd Shaffer. The retail portion of Mission Park will be marketed for lease by Cushman & Wakefield's James Chung and Todd Beatty.

Holt tells GlobeSt.com: “Having access to walkable amenities has become such an important factor in the site selection process for office tenants in the Silicon Valley, so we're excited to move this development forward to create a mixed-use environment that will satisfy that demand. The feedback from both existing and prospective Mission Park tenants has been really positive.”

Mission Park spans a large stretch of Montague Expressway, bordered by Mission College Boulevard and Lafayette Street just off Highway 101. It is approximately one mile from Levi's Stadium.

SANTA CLARA, CA—Washington Holdings' 46-acre Mission Park will soon undergo a major transformation as it adds retail and hotel uses to the existing office park. The city of Santa Clara recently approved the addition of 24,000 square feet of retail space, as well as a five-story 175-room extended stay hotel on the property. Construction will begin in the second quarter of 2017 and completion is anticipated for mid-2018.

“In 2013 we took over Mission Park with the goal of creating a high quality, modern office park catering to small and mid-sized tech companies,” said Casey Holt, vice president and general manager of Washington Holdings, an institutional commercial real estate investor. “With the office building renovations now complete throughout the park and approvals in place on the retail and hotel redevelopment, our vision for an amenity-rich Mission Park will soon be fully realized.”

To date, Washington Holdings has invested $20 million in upgrades to building facades and common areas, in addition to adding outdoor amenity spaces and sidewalks to create a more modern, pedestrian-friendly environment. Tenants have responded by leasing more than 350,000 square feet in the renovated Mission Park.

Currently comprised of 19 buildings totaling 650,000 square feet, three buildings will be razed to accommodate the new retail and hotel buildings, which will leave the property with 560,000 square feet of office/R&D space. Served by a large outdoor patio and courtyard spaces, five retail buildings ranging from approximately 1,300 square feet to 7,200 square feet will house restaurants and other services. The hotel concept, Branded Element by Westin, a Starwood extended stay hotel, emphasizes sustainability and caters to the frequent traveler.

“It is critical in today's competitive marketplace to provide tenants with a thoughtful array of amenities that have become commonplace within large corporate campuses,” said Mike Saign, a Newmark Cornish & Carey senior managing director. “The new on-site retail and hotel will complete the package for Mission Park in offering best in class office/R&D facilities for tenants to successfully recruit and retain top Silicon Valley talent.”

Saign is marketing the project for lease, along with executive managing director Jeff Arrillaga and executive vice president Todd Shaffer. The retail portion of Mission Park will be marketed for lease by Cushman & Wakefield's James Chung and Todd Beatty.

Holt tells GlobeSt.com: “Having access to walkable amenities has become such an important factor in the site selection process for office tenants in the Silicon Valley, so we're excited to move this development forward to create a mixed-use environment that will satisfy that demand. The feedback from both existing and prospective Mission Park tenants has been really positive.”

Mission Park spans a large stretch of Montague Expressway, bordered by Mission College Boulevard and Lafayette Street just off Highway 101. It is approximately one mile from Levi's Stadium.