Google widens downtown San Jose holdings, scoops up another property

SAN JOSE — Google has scooped up a choice site in downtown San
Jose near the Diridon train station, a deal that adds to the
properties the search giant has collected for a proposed transit
village.

The new site that the search giant has bought contains a
supplier of glass products and is located at 56 S. Autumn St. in an
area where Google has proposed a huge transit-oriented
development.

Google paid $2.7 million for the property, according to Santa
Clara County public documents that were filed on Aug. 8.

With the most recent transaction, Google has spent $386.8
million buying an array of properties in downtown San Jose near the
train station and the SAP Center, according to a database compiled
by this news organization during the years-long purchasing effort
by the tech titan.

It was nearly three years ago that Google and its development
ally Trammell Crow began buying properties that would provide the
land for the digital behemoth’s transit village. The tech titan
has bought the properties either directly or using a development
partnership operating with the name TC Agoge Associates.

The first purchase was an old telephone company building on
South Montgomery Street in December 2016.

Starting with that initial acquisition, Google has stuffed its
downtown San Jose shopping cart with parcels that include
industrial businesses, steel fabricators, commercial sites,
government properties, parking lots, and retail operations.

A car wash, vehicle rental site, city fire training complex,
along with well-known establishments such as Patty’s Inn and Poor
House Bistro are among the businesses that sit atop the land that
Google has been collecting.

One business that stood on land bought by Google, the Kearney
Pattern Works and Foundry, closed its doors this year after a
century of operations that mirrored the dramatic shifts in the
nation’s industrial base over the 10 decades. At another site,
Orchard Supply Hardware had operated a hardware store for decades.
These businesses ceased their operations for reasons that had
nothing to do with Google’s property purchase.

In many instances, Google is taking steps to assure that the
businesses continue their operations because the start of
construction for the transit village is still years away.

Google has proposed a transit-oriented village of office
buildings, homes, shops, restaurants, and open spaces where 25,000
people could work, including 15,000 to 20,000 of the search
giant’s employees.

In the most recent deal, Google bought a property that includes
the operations of C & C Architectural Glass, a supplier of
glass products.

The western edges of downtown San Jose are seen as particularly
attractive because of the transit connections at the Diridon train
station.

Diridon Station already provides connections for light rail,
Caltrain, the Capitol Corridor line, the ACE Train, and Amtrak, and
within the next several years will host a BART stop.

San Jose Mayor Sam Liccardo and others have suggested the
Diridon Station could become the “Grand Central Terminal of the
West” with all of its transit connections.

 

Source: FS – All – Real Estate News 1
Google widens downtown San Jose holdings, scoops up another property