San Jose Office Development Lands First Tenant
- Jan 25, 2018
Hunter Properties has signed a 162,557-square-foot lease with 8x8—a firm providing cloud communication services—for its Coleman Highline project in San Jose, Calif. The IT company will move its global headquarters to one of the two buildings under construction in early 2019. This deal marks the first lease signed for the development, which broke ground in late 2015. Construction is being financed with a $97.4 million loan held by Wells Fargo Bank, according to Yardi Matrix data.
The new five-story office property is situated at 1143 Coleman Ave., immediately south of San Jose’s international airport and near Interstate 880. The location is served by buses operated by the Santa Clara Valley Transportation Authority. In addition to the two buildings currently underway, the owner plans to add four new structures on the same site, according to Yardi Matrix. 8x8’s new headquarters is anticipated to achieve LEED Gold certification. Upon completion of their new space, 8×8 will vacate their current headquarters at 2125 O’Nel Drive and the satellite office at 2665 N. First St., both in San Jose.
“The new 8×8 headquarters demonstrates our commitment to grow our operations in San Jose and deliver a world-class experience for our employees, partners and customers who help accelerate our global growth strategy,” said Vikram Verma, CEO of 8×8, in a prepared statement.
More than one million square feet of office space is currently under construction or undergoing capital improvements in the city of San Jose, according to Yardi Matrix data. Last summer, initial plans for a new one million-square-foot development were filed with the city.
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