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TMG Partners Announces Massive Office Development in Uptown Oakland, Key Approval on San Jose Project

Bay Area Developer Doubles Down on Oakland; Receives Re-Zoning Approval for 1 Million-SF Downtown San Jose Project
January 10, 2018
440 West Julian St., a joint venture between TMG and Valley Oak Partners, is proposed to include 1 million square feet of office space in San Jose.

TMG Partners, which has developed more than 27.5 million square feet of property throughout the San Francisco Bay Area to date, this week announced its first ground-up development in Oakland, as well as a key step for its planned 1 million-square-foot office joint venture with Valley Oak Partners in downtown San Jose.

The developer filed with the city of Oakland to develop a full-city-block project at Telegraph and West Grand avenues that includes a 429-foot-tall, 760,000-square-foot office tower and ground-level retail.

The pre-application defines a project bounded by Telegraph Avenue, Valley Street, West Grand Avenue and 22nd Street and 10,000 square feet of retail and arts spaces. The approval process for the project dubbed 2201 Valley is expected to run through the rest of the year.

TMG CEO and Oakland native Michael Covarrubias said the company's first ground-up development in his hometown city would allow the city, which is competing for tenants with pricey San Francisco across the bay, to "balance out the Bay Area’s traditional regional job centers."

The proposed building a block from the 19th Street BART station, as designed by Solomon Cordwell Buenz (SCB), would include large open floors, high ceilings and column-free spaces for creative office tenants and a series of outdoor terraces and landscaped decks.. TMG also plans to improve the Valley Street side of the building to create a space for gatherings, events and outdoor dining.

The project will utilize automated car stackers for more efficient space use and includes the removal of an existing gas station and fuel tanks on the site.

TMG owns and is renovating two other Oakland properties, at 1330 and 2201 Broadway. The company, one of the Bay Area's most active developers, also has projects in Emeryville, Marin City, Novato, Palo Alto, San Bruno, San Jose and San Francisco.

In San Jose, the joint venture between TMG and Valley Oak Partners, LLC announced the filing of a site development application to develop just over 1 million square feet of office space near the downtown Diridon Station. The San Jose City Council on Dec. 12 approved the site’s re-zoning from light and heavy industrial to "transit employment center," conforming to the city’s general plan requirements for the site.

The proposed project designed by New York-based Kohn Pedersen Fox Associates, lead designers of Hudson Yards in New York City, includes the development of three six-story office buildings of 157,000 square feet, 367,000 square feet and 499,000 square feet, and below-grade parking.

The developers said in a statement that the area encompassing the 5.5-acre 440 West Julian St. site has the potential to serve as the new focal point for Silicon Valley.

“Our belief is that Diridon Station in particular will activate this historically industrial part of downtown San Jose into a bustling, inclusive, economic powerhouse," said Matt Field, CIO at TMG Partner, and Steve Fisher, principal of Valley Oak Partners, LLC, in a joint statement.

The area surrounding the station is seeing rapid changes, with Google amassing multiple properties to create a transit-oriented "village" of 6-8 million square feet.

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