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Downtown Oakland will get new office tower at historic site

New development suggests the East Bay’s largest city is poised for an influx of companies and other organizations.

In addition to building a new tower, the project will renovate the historic former headquarters for the Key System — a privately owned mass-transit system of rail lines and buses that operated through much of the East Bay from 1903 to 1960, when it was sold to the newly formed AC Transit system.

The new tower and old Key System building will be connected.

“Part of what we want to do is bring this historic treasure back to life,” said Melinda Ellis Evers, a managing principal with San Francisco-based Ellis Partners, a developer that has teamed up with Intercontinental Real Estate in a joint venture to build the tower.

The project will take close to two years to build and should be available for tenants to move in by the end of 2019.

Read more from East Bay Times

Silicon Valley’s largest commercial real estate leases of 2017 (so far)

So far, 2017 hasn’t been a feverish year for commercial real estate leasing, especially compared to busy 2015 and 2016, but analysts agree that it has been a good, stable year with plenty of important moves.

Among them are WeWork’s largest ever lease that just happens to be in a brand-new development in Mountain View. Meanwhile, Menlo Park-based social media giant Facebook is rapidly growing, inking multiple massive new leases in the area, and Amazon continued to spread its reach throughout the Valley with a renewed focus on the South Bay.

Read more from Silicon Valley Business Times

Downtown San Jose blighted blocks may get new life

SAN JOSE — A plan to build several dozen residential units in downtown San Jose is part of wide-ranging efforts to transform some blighted blocks, decaying buildings and vacant lots in the city’s urban heart into a vibrant community.

“Ultimately this is going to be a great, brand-new neighborhood in downtown San Jose,” said Bob Staedler, principal executive with Silicon Valley Synergy, a land-use and planning consultancy. “This area north of San Pedro Square has always been the hole in the doughnut of the downtown.”

Read more from East Bay Times

Google scoops up another downtown San Jose transit village property

SAN JOSE — The shape and scope of Google’s game-changing push to craft a transit-oriented village in downtown San Jose is starting to come into clear focus following recent purchases south of Diridon station by the search giant’s development ally.

Mountain View-based Google’s realty partner, Trammell Crow, bought a property on Oct. 31 at 691 W. San Carlos St. just west of South Montgomery Street, a site that consists of a house and land adjacent to the residence, Santa Clara County property documents show.

Read more from the Mercury News

WeWork will open a new SF HQ in the Salesforce Tower

WeWork has money to blow, so the $20 billion startup is putting some of it toward a second headquarters — this time in San Francisco instead of New York, Recode reports. The plan is to locate the HQ in the new 61-floor Salesforce Tower, which is slated to open next year.

WeWork will lease out three floors in the “Bay” area of the tower, which Salesforce Tower describes as “the best vistas to the City, Golden Gate and Bay Bridges.” The plan is for those three floors to serve as both a headquarters for the company’s employees and co-working spaces for WeWork customers.

Read more from TechCrunch

Snap Inc. snaps up San Francisco office in SoMa

Snap Inc. (NYSE: SNAP) snapped up 33,300 square feet of office space in 875 Howard St. in San Francisco.

Landlord Hudson Pacific Properties (NYSE: HPP) mentioned the lease in its recent earnings report and said the deal brings the 284,441 square-foot building to full occupancy.

Venice Beach-based Snap bills itself as a camera company and makes a popular mobile app for sharing photos. The company reported annual revenue of $404 million in 2016 and revenue of $331 million for the first six months of this year.

Read more from San Francisco Business Times

WeWork rents big Mountain View office complex from LinkedIn

WeWork has agreed to sublease from LinkedIn a huge, yet-to-be-built office complex in Mountain View, a deal that is expected to bring a much bigger Amazon presence into Silicon Valley.

“LinkedIn has reassigned its lease at The Village at San Antonio Center, and will not be setting up offices there,” May Chow, a spokeswoman for Mountain View-based LinkedIn, said in comments emailed to this news organization. “WeWork is taking over the lease.”

Read more from The Mercury News

Economy Watch: Bioscience Firms Will Pay Premiums for Prime Space

Life sciences employers are willing to pay high rents to be near hard-to-find talent. With laboratory space being scarce and rents continuing to rise, firms are facing the pressure to make their spaces desirable while keeping costs under control.

Read more from Commercial Property Executive