Newmark Cornish & Carey is pleased to announce that developer SteelWave (formerly Legacy Partners Commercial) and its partner USAA Real Estate Company celebrated the groundbreaking of Phase II of America Center on Monday, May 23, 2016 at 1:00 PM PST. San Jose’s Mayor Sam Liccardo attended and commented at the ceremony, as did Steve Dunn, senior managing director of SteelWave and Nawder Alavi, senior director investments of USAA Real Estate Company.
The completion of Phase II will add two six-story office buildings, an amenity center and parking structure, introducing approximately 450,000 square feet of state-of-the-art buildings, and bring the project to a total of approximately 885,000 square feet. Upon the completion of Phase III, this prominent view property will ultimately offer approximately 1.1 million square feet of premium Class A, LEED Gold-Certified office space to Silicon Valley.
“The central Silicon Valley location, magnificent views of the San Francisco Bay, and high tech buildings and amenities make America Center a compelling property,” said Steve Dunn, senior managing director of SteelWave. “We are excited to celebrate this groundbreaking and introduce this new, large leasing opportunity to Silicon Valley’s corporate and technology users.”
Located off Highway 101 at the junction of Highway 237 and Great America Parkway in San Jose, America Center is adjacent to the 175-room Aloft Hotel, and is surrounded by a 30-acre Open Space Preserve, with access to public jogging and bicycle paths. Levi’s Stadium and a vast selection of restaurants, hotels and recreation facilities are only minutes away. America Center Phase II will feature a well-appointed fitness center, café, and roof-deck with putting green, and provide tenants with outdoor amenities including a basketball court, volleyball court, presentation theater and collaborative meeting areas. America Center Phase II will also feature View Dynamic Glass, a sophisticated “intelligent window” tint system. Further details and renderings of the project can be viewed at the America Center Phase II website: www.americactr.com.
Completed in 2009, America Center’s Phase I is 88 percent leased and serves as the headquarters location for leading high-tech corporations. Polycom, Inc. (Nasdaq: PLCM) occupies the entirety of 6001 America Center Drive and Flextronics International Ltd. (Nasdaq: FLEX) occupies approximately 175,000 square feet at 6201 America Center Drive.
“America Center is in the right place at the right time,” said Phil Mahoney, executive managing director of Newmark Cornish & Carey, who is marketing the property for lease together with Newmark Cornish & Carey Executive Managing Director Randy Gabrielson. “Physically, the property is located in a high-growth market bordering North San Jose and North Santa Clara, which is where southern-migrating tenants want to be. These highly-sought-after markets are supply constrained with extremely limited large block availabilities. The expansion of America Center is timely - it is poised to capture the next Silicon Valley technology titan seeking new, state-of-the-art headquarters space.”
SteelWave is a full-service commercial, residential and mixed-use real estate management, operating company and investment management firm. SteelWave and its predecessor companies, Legacy Partners Commercial and Lincoln Property West, have been active in commercial real estate for 44 years. We’ve built a reputation for successful execution by sourcing sound investments in our 6 key markets: Northern California, Southern California, Denver, Seattle, Portland and Texas. As a vertically integrated leader in the industry, we source, entitle, design, finance, develop, renovate, lease, manage and sell real estate investments on behalf of many well-known institutional clients. In 2015, SteelWave formed a strategic alliance with The Cavallari Group to procure and execute on certain aspects of multi-family and mixed use development and acquisition opportunities.
Since its inception, SteelWave has acquired, developed or managed over 125 million square feet of commercial property in the western United States, of which more than 90% has been located in the target markets.
About USAA Real Estate Company
USAA Real Estate Company, with approximately $15 billion in assets under management, provides co-investment, acquisition, build-to-suit and development capital and services for corporate and institutional investors. The USAA Real Estate Company portfolio consists of office, industrial, multi-family, retail and hotel properties, as well as investments in real estate operating companies. USAA Real Estate Company is a subsidiary of USAA, a leading financial services company, serving military families since 1922. For more information, please visit usrealco.com.
About Newmark Cornish & Carey
A dominant regional real estate force since 1935, Newmark Cornish & Carey has an expansive reach as part of Newmark Grubb Knight Frank, one of the world’s leading commercial real estate advisory firms. Regionally, Newmark Cornish & Carey has more than 280 agents in 13 strategically located offices throughout Northern California, creating a powerful platform from which to deliver superior services locally, while upholding its core values of integrity and knowledge. For further information, visit www.newmarkccarey.com.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.