A new office park in Pleasanton, Calif., may relieve a crunch for office space in Silicon Valley’s burgeoning eastern region.

The 750,000-sf business park straddles I-680 at the Bernal Avenue exit and is part of a 510-acre former water-district property now slated for commercial use as well as housing, public amenities and a golf course. The development should give final approval at a recent meeting of the Pleasanton City Council.

A partnership of firms led by San Jose, Calif.-based developer Greenbriar Homes Communities, Inc. bid $126 million to buy the land from its former owner, the city of San Francisco. Campbell-based South Bay Development Co. will handle the project’s commercial side.

The business park will consist of eight, 93,000-sf, four-story buildings. It will also feature a 1.2-acre park.

Pleasanton already has two large business parks — the Hacienda Business Park and the Bernal Corporate Park — but office vacancy in the area is estimated at a mere 1 to 2 percent.

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