SAN JOSE, CA (June 2, 2017)
– Terrence J. Rose Inc. Real Estate Vice President Tom Siewert announced today that his firm has received entitlement approval from the City of Santa Clara to substantially redevelop an under-utilized commercial office property that a Rose partnership owns at 3375 Scott Blvd. in Santa Clara.
One of the four Garrett Business Center buildings is in the foreground while newer mid-rise offices border the 1970s-era business park.
The long-time Silicon Valley developer will redevelop a nearly 6-acre property in the absolute center of Silicon Valley. The site, called Garrett Business Center, is comprised of four single-story office buildings totaling approximately 76,672 rentable square feet. It was built in the late 1970s and is near the Hwy 101 corridor and adjacent to a Caltrain shuttle service. Caltrain’s Lawrence Station is about five minutes or two miles away.
Earlier this week, Rose gained city approval to demolish the existing structures and build a new six-story contemporary and amenity-rich office building comprised of approximately 250,000 square feet with a total estimate project cost of $125 million.
The new office building, which is being rebranded as 3375 Scott Blvd., will front its namesake street while a four-story, structured parking lot will be added to the rear of the building.
The new LEED Certified building will feature floorplates up to 41,500 square feet with floor-to-ceiling glass on each floor. A rooftop deck is planned with an outdoor kitchen and various collaborative areas for informal meetings. The 6th floor will have a balcony along the eastern and southern perimeters of the building, while ground-floor amenities include three outdoor kitchens with seating areas, a food-truck zone, fireplace with seating, two horseshoe courts and a rose garden. Arc Tec is the building architect and a general contractor for the project has not yet been selected. See www.3375scott.com
to learn more.
“This area of Santa Clara is undergoing a massive transformation from older generation, single-story office and service center product to modern, mid-rise headquarter facilities and offices that are desirable to today’s technology companies. Given the demand in the market place, we think the timing is good to redevelop this property,” said Tom Siewert.
Palo Alto Networks, Aruba Networks (which Hewlett-Packard acquired in 2015 for $2.7 billion) and Realtor.com and among the companies that occupy space in adjacent buildings to 3375 Scott Blvd. Those buildings range from four-to-eight stories.
Area amenities include over 50,000 existing single-family and multifamily homes within a three-mile radius, new apartment communities, walking distance to the new Santa Clara Square Marketplace (anchored by Whole Foods with a movie theater planned for future development), Oakmead Village, Mercado Shopping Center, dozens of retail and service businesses along and near Lawrence Expressway, Santa Clara’s Koreatown and the El Camino Real.
The development company has tapped Mike Rosendin, SIOR, CCIM
, Craig Fordyce, SIOR, CCIM
and Shane Minnis, LEED AP
from Colliers International’s San Jose office to market the building for lease. Asking rental rates are not available at this time. The team seeks to lease the entire building to a single corporate tenant. In terms of schedule, the building shell is expected to be completed in approximately 30 months, or by the 4th quarter of 2019. Construction may begin as early as the first quarter of 2018 after construction documents and final permit are reviewed and approved by Santa Clara.
“In terms of location, 3375 Scott Blvd. will be attractive to prospective occupiers because their employees can live in any direction and get here with a reasonably short commute. And once on site, they can walk to amenities or relax in a private, secure environment,” said Mike Rosendin.
L-R: Craig Fordyce, Mike Rosendin, Tom Siewert and Shane Minnis
About Terrence J. Rose Inc. Real Estate
Terrence J. Rose, Inc. is a leading Bay Area commercial real estate development company with a reputation for quality-conscious construction, energy efficient materials, practical operations, sound management and continuity of design. The firm has developed over 4,000,000 square feet of commercial real estate and is well known by many companies for providing quality projects and property management services.
Terrence J. Rose, Inc. has been developing in Northern California for over 40 years and has developed for and/or represented many of the major companies in the area. The company’s success is due to meticulous attention to detail and providing facilities of superior quality. The firm’s corporate office is in Santa Clara and also maintains an office in Livermore, CA.
About Colliers International Group Inc.
Colliers International Group Inc.
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