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SAN JOSE – A serious regional transit agency is negotiating to buy an office tower in downtown San Jose for its future headquarters. This deal could provide a significant boost to town's urban heart.

The VTA has chosen an office tower at 488 South Almaden Boulevard as the brand new headquarters of the Santa Clara Valley Transportation Agency.

If those talks fail, the VTA has chosen an office complex in north San Jose at 1650-1700 Technology Drive as a alternative location, in line with the transportation agency.

The downtown San Jose office tower that the VTA is actively negotiating to buy is a 17-story tower with a complete area of ​​379,000 square feet. CBRE, a business real estate firm, is marketing the office tower, called Almaden Crossing.

The VTA has approved the terms of purchase of the constructing, which weren’t initially known.

In recent months, the VTA has been on the lookout for a constructing of as much as 500,000 square feet that it could lease with an choice to purchase.

“The commercial real estate market is in a tough spot,” Jessie O'Malley Solis, VTA director of real estate and transit-oriented development, told the transportation agency's board of directors at a recent meeting.

Because of this need, the transportation authority concluded that this was a superb time to search for office buildings that could possibly be converted into the VTA's future headquarters, Solis said at a recent VTA meeting.

“There are some significant opportunities for VTA to potentially move at a discounted rate,” Solis said.

The Santa Clara Valley Transportation Agency is targeting 2026 because the time to maneuver into its recent offices.

“The intended use of this facility is office and administrative work,” in line with VTA headquarters requirements documents that Colliers has circulated. Colliers brokers Grant Zamudio, Paul McManus, Kevin Moul and Mike Lee are representing the VTA in its seek for space.

The transit agency's seek for a brand new headquarters has emerged at a time when the VTA has faced widespread criticism and skepticism over its attempts to bring a BART extension to downtown San Jose.

The BART project has exceeded its budget goals several times and is under scrutiny because of out-of-control costs.

The VTA plans to issue a bond to finance the acquisition, tenant improvements and any crucial renovations to the office tower.

The cost of the bond measure could possibly be as much as $135 million.

During the Oct. 3 VTA board meeting, Solis said that in her greater than twenty years as a business real estate skilled, she has never seen such a difficult marketplace for office constructing owners.

“This is the lowest price I’ve ever seen,” Solis said.

With the move to the Almaden Crossing Tower, the VTA also hopes to stimulate the economy in downtown San Jose.

“In our effort to be good stewards of tax dollars, we are fortunate to be able to take advantage of the current buyer's market while helping fill vacant spaces in downtown San Jose to enhance the vibrancy of our county's largest city,” Solis said in an announcement.

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SAN JOSE – An indoor lively entertainment operator whose parks include trampolines and ziplines will expand into San Jose, picking prime space in a serious shopping mall for one among its next venues.

Sky Zone has decided to open a brand new trampoline and activity park in a big space at Westgate Center, a retail and restaurant complex at 1600 Saratoga Avenue in southwest San Jose. Federal Realty Investment Trust, the principal owner of the Santana Row mixed-use destination neighborhood in San Jose, owns Westgate Center.

“We continue to capitalize on real estate opportunities where there are a growing number of young families building demand for our business and leasing former retail spaces that are a perfect fit for our large footprint and model,” said Shawn Hassel, CEO of Sky Zone.

In San Jose, Sky Zone leased 34,800 square feet on the Westgate Center, which is bordered by Saratoga Avenue, Atherton Avenue, Hamilton Avenue and Campbell Avenue.

“We are excited to announce that Sky Zone is opening at Westgate Center, providing our community with a premier entertainment activity to participate in,” said Collette Navarette, Senior Director of Marketing at Federal Realty.

It was not immediately known when Sky Zone was expected to open at Westgate Center.

Utah-based Sky Zone said the San Jose location will bolster its efforts to expand its presence in Northern California.

The company also plans to open Sky Zone indoor activity parks in Santa Clarita (Los Angeles County) and Huntington Beach (Orange County). In addition to the three locations in California, Sky Zone can also be planning latest locations in Oregon and Texas.

“Sky Zone gives kids the freedom to run, jump and play on a unique mix of attractions,” the corporate said in its announcement of the brand new locations, which include San Jose.

Activities at Sky Zone parks include trampolining, aerial dodgeball, basketball dunks with hoops at various heights, gladiator fights on pedestals, free climbing, a shaky “sky ladder”, acrobatics over a “foam zone” and a “skyline” Balance beams, a zipper line and a toddler zone.

It was not immediately clear what attractions can be featured at the brand new San Jose location. Not all parks have an identical attractions, due partly to the various sizes of Sky Zone's indoor lively entertainment venues.

Founded in 2004, Sky Zone owns, operates and distributes greater than 270 parks within the United States, the corporate said. The company said it was aimed toward children under 12.

“Sky Zone is a place where you can move, be creative and be yourself,” says an online post. “There is enough space for everyone, so all children and children at heart can play together. Our vision is a world where everyone plays every day.”

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