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Boston Properties, Canadian Pension Fund Propose 1.1M-SF Office Campus in San Jose
Boston Properties, Inc. and Canada Pension Plan Investment Board (CPPIB) formed a joint venture to develop Platform 16, a 1.1-million-square-foot Class A urban office campus in downtown San Jose. Boston Properties secured a 65-year ground lease for Platform 16 last year. The company also secured the right to purchase all of the underlying land during a 12-month period commencing February 1, 2020 for roughly $134.8 million.
Located on a 5.4-acre site, Platform 16 is adjacent to Google’s planned eight-million-square-foot transit village and Diridon Station. Boston Properties secured approvals and entitlements for the planned three-building campus. It also has completed design plans and has begun to clear the site. Construction could commence in the next six months, depending on market and other conditions.
CPPIB will hold a 45% ownership interest in the Platform 16 JV, while Boston Properties will retain the remaining 55% ownership stake and handle development, property management and leasing.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Development


