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Development interests have been quietly acquiring land in downtown San Jose that could transform the market. Dallas-based Trammell Crow Company is one of the most active buyers, but there are others. Over the past five months, acquisitions totaling more than $70 million have been completed.
Development activity could encompass single office buildings or mega-campuses for tech giants. Activity in downtown San Jose primarily involves parcels along Autumn and Montgomery.
Trammell Crow envisions building one million square feet of office space in a campus environment on a site near the Diridon Station. The 8.3-acre, transit-oriented site was acquired in September 2015 by a Trammel Crow joint venture for $58.5 million, and includes 325 apartments.
Trammell Crow’s partnership interests have also invested $17.5 million buying other properties, primarily along Autumn and Santa Clara streets. Another investor is Rhyolite Enterprises, which acquired a site for $55 million and has ties to Google.
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