Sobrato_Office_Tower

Sobrato Office Tower

Sobrato Office Tower

Commercial offices in San Jose, California

Sobrato Office Tower is a 17-story, class-A office building located at 488 Almaden Boulevard in San Jose, California.[6][7] It is the fourth tallest building in the city. The building was completed in 2002 by the Sobrato Organization and remained unoccupied for nine years.[8] Sobrato sold the building for $135 million to BEA Systems in 2007, which was itself later purchased by the building's present owner, Oracle.[8][9]

Quick Facts General information, Status ...

Shortly after its headquarters moved to Austin from Redwood Shores, in 2021, Oracle sold off its San Jose tower for $155 million, making a profit of nearly $20 million over the course of its 13 year ownership.

History

Since its $138.5 million assessment in 2007, the assessed value of the building has fallen to $57 million by 2011.[10]

At different times, the City of San Jose, Nvidia, Sony, and BEA were each noted publicly to be negotiating to lease space in the building but none of those reported negotiations resulted in a tenancy.[11]

Criticism of the building and possible reasons for its inability to attract tenants have often focused on its location being too far from downtown San Jose.[8][12]

On November 17, 2010, it was announced that PricewaterhouseCoopers would lease 209,000 square feet (19,400 m2) on eight floors (levels 10-17) of the tower beginning June 2011, thus leaving their 165,000 sq ft (15,300 m2) 10 Almaden Boulevard location in San Jose.[13]

References

  1. [1]
    "Sobrato Office Tower" (PDF). San Jose Redevelopment Agency. January 20, 2009. Retrieved July 4, 2018.
  2. [2]
    Segall, Eli (November 18, 2010). "PwC to move into downtown San Jose's Sobrato Building". Silicon Valley Business Journal. American City Business Journals. Retrieved July 4, 2018.
  3. [3]
    "Emporis building ID 138037". Emporis. Archived from the original on March 25, 2016.
  4. [4]
    "Sobrato Office Tower". SkyscraperPage.
  5. [5]
    Sobrato Office Tower at Structurae
  6. [6]
    Staff writers (23 February 2009). "Oracle Tower Going Sony?". Square Feet Commercial Real Estate Blog. Retrieved 1 August 2012.
  7. [7]
    "Sobrato-BEA in talks". The San Jose Business Journal. Retrieved 1 July 2012.
  8. [8]
    Katherine Conrad (July 18, 2010). "Deal near on downtown San Jose's biggest vacancy". The Silicon Valley / San Jose Business Journal. Retrieved 1 August 2012.
  9. [9]
    Aaron Smith (January 16, 2008). "Oracle, BEA Systems in $8.5B software merger". CNNMoney. Retrieved 1 August 2012.
  10. [10]
    San Jose Redevelopment Agency once again in the fiscal soup - San Jose Mercury News. Mercurynews.com. Retrieved on 2011-05-30.
  11. [11]
    Katherine Conrad (February 28, 2010). "Long-empty San Jose tower is possible home of Big Four tenant". The Silicon Valley / San Jose Business Journal. Retrieved 1 August 2012.
  12. [12]
    "Legacy Partners Drops Sobrato-Oracle-BEA Tower Deal". Square Feet Commercial Real Estate Blog. 19 August 2008. Retrieved 1 August 2012.
  13. [13]
    "At last, a tenant in downtown San Jose's Sobrato tower". San Jose Mercury News.
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