The North San Jose property was sold to developer and fundmanager Tishman Speyer. The site is entitled for 2.8 million sf ofhigh-rise and mid-rise class A office as well as 100,000 sf ofsupporting retail. Tishman Speyer is looking to break ground thisyear en route to a phased opening beginning in early 2009.
The Downtown office tower was acquired from the SobratoFoundation, a charitable foundation of Sobrato Development Cos.,which developed the building and also owns BEA's existingheadquarters. Sobrato has also begun marketing BEA's existinglocation "as is" for $2.75 per sf.
Phil Mahoney, Jay Phillips and Jay Belquist of Cornish &Carey Commercial/Oncor International represented BEA in bothtransactions. The transaction caused a decrease in the Downtown SanJose vacancy rate from nearly 19% to 12.7%, according toC&C.
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