San Jose office tower, fitness complex move ahead with property deal

June 17, 2022

SAN JOSE — A veteran real estate firm with nationwide reach has bought the properties that it needs to launch a dramatic development that would add an office tower and athletic resort to a key site in San Jose.

The Boulevard, as the project is called, is edging closer to reality now that developer Cypress Equities has bought parcels at the southeast corner of Stevens Creek Boulevard and Saratoga Avenue.

The development would total 295,000 square feet, consisting of a 12-story office tower of 280,000 square feet and an athletic resort and fitness center totaling 15,000 square feet, according to Cypress Equities.

Over the last four years, Cypress Equities has worked with San Jose city officials to craft a development that would meet the needs of the neighborhood and the city.

San Jose seeks to encourage the creation of urban villages that would create more dense office and retail sites along Stevens Creek Boulevard.

“We could not be more excited about bringing this incredible new development to the city in their new urban village plan,” said Chris Maguire, chief executive officer with Cypress Equities.

Cypress Equities intends to launch construction sometime this summer, the developer said.

The tower could entice one or more tech companies, which appear to once again be out in force seeking new spaces to lease or own as they expand.

“Development on this site has been envisioned on this corner for some time,” said Bob Staedler, principal executive with Silicon Valley Synergy, a land-use consultancy. “It’s exciting to see it coming closer to fruition.”

CBRE commercial real estate brokers Mike Grado and Shane McNulty have begun to scout for office tenants. Sarah Edwards of SRS Real Estate Partners is seeking retail tenants.

“The project will kick off the first development for the Stevens Creek Urban Village Plan that was approved by the city of San Jose to commercialize the Stevens Creek Blvd corridor,” Cypress Equities stated.

One of the key components of the development would be the athletic resort, which would be a fitness center with wide-ranging features and amenities.

“The athletic resort will offer traditional health and fitness activities including group fitness classes as well as personal training and a multitude of family and children’s activities,” according to a marketing brochure prepared by CBRE.

Ground-floor spaces for restaurants and shops are also expected to be part of the project.

“The development will benefit from a half-acre outdoor amenity area, featuring a landscaped plaza,” Cypress Equities said in an email to this news organization.

A plaza and garden will sprout right at the corner of Stevens Creek and Saratoga. Along with the health club, an outdoor fitness area will be included in the project.

“The architecture and urban design are superb,” Staedler said. “The open space on the corner is a nice touch.”

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