Overview
THE OFFERING
Cushman & Wakefield, as exclusive advisor, is pleased to present the opportunity to acquire 650 Harry Road (the “Project”) which comprises ±544,495 square feet of office space on ±687 acres, ±35 of which are zoned Industrial Park. The Project will be delivered vacant.
IBM constructed and has owned and occupied the Project since it was developed in 1985, utilizing the Property as part of its Silicon Valley Research and Development operations. The Project sits in the Almaden Valley area of South San Jose, proximate to desirable executive housing, golf courses, convenient transportation options, and retail centers including Westfield Oakridge.
This offering provides investors the unique opportunity to reposition or redevelop a property of significant scale within Silicon Valley.
Note: The total acreage owned is ±687 acres; Ownership will consider selling the total acreage or just the ±35 acre-IP zoned portion of the site.
Investment Highlights
VALUE-ADD OR OWNER/USER OPPORTUNITY
The site will be delivered vacant, allowing an investor the opportunity to renovate and lease up buildings in one of Silicon Valley’s most dynamic submarkets. Alternatively, the Project allows for an owner/user to purchase the site for their own occupancy. There are limited opportunities for users to purchase quality office/R&D buildings on a site of this scale in Silicon Valley.
RARE REDEVELOPMENT OPPORTUNITY
Situated on a total of ±687 acres, the Project offers ±35 acres that are zoned Industrial Park, allowing for a wide variety of uses, including data centers, industrial, research and development, advanced manufacturing, and general office. The Industrial Park (IP) General Plan designation allows for this variety of uses as well significant variation in the allowable floor area ratio (FAR). There is a lack of large redevelopment sites throughout Silicon Valley and demand from tenants for new, state-of-the-art buildings remains high. In addition to commercial development, there is a potential for a zoning change to residential, which would be well suited in this location given the excellent location and views, surrounding residential and access to amenities.
BENEFICIAL REVERSE COMMUTE, AMENITY RICH
The Project offers convenient access to major transportation arteries (Highways 85 and 101, Almaden Expressway), ensuring efficient connectivity across the Bay Area and a favorable reverse commute for employees. Within a 15-minute drive of the Project are numerous shopping centers including Westfield Oakridge, Almaden Center, and Orchard Town & Country. Additionally, San Jose International Airport is just 25 minutes away, enhancing regional and national accessibility.
PROXIMITY TO EXECUTIVE AND WORKFORCE HOUSING
The Project is ideally located for both executive and workforce employees. Executive housing in West Silicon Valley (Los Gatos, Saratoga, Cupertino, Santa Clara) offers a convenient reverse commute, while the Project provides immediate access to more affordable workforce housing in areas like Morgan Hill and South San Jose. This dual access ensures efficient commutes for all employee tiers, enhancing the Project’s appeal for long-term tenancy.
ACCESS TO A DEEP LABOR POOL
Approximately half of Silicon Valley’s workforce of 1.7 million are employed in technology. In addition to the abundance of technology workers, there are 180,000 manufacturing professionals, primarily focused in advanced manufacturing, in Silicon Valley. The Project’s location allows tenants to draw from a significantly deep and well-educated labor pool (54% with bachelor’s degree or higher).