Posted Mar 19, 2019, 8:01 PM
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Registered User
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Join Date: Nov 2015
Location: San Jose
Posts: 243
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https://www.bizjournals.com/sanjose/...e.html?ana=twt
Quote:
Jay Paul Co. explains why it's bullish on San Jose as it drops hints about highly anticipated CityView redevelopment
Jay Paul Co. surprised many real estate insiders when it burst into the San Jose market last summer, decisively spending $283.5 million on CityView, a block-sized, mixed-use campus in the heart of downtown.
The San Francisco-based developer is led by and named for Jay Paul, its notoriously private, but also well-proven founder. The company has a reputation for making high-quality buildings that draw some of the largest tech giants in the world as tenants, including Google, Facebook, Amazon.com and Microsoft Corp.
“When [Jay] wants to do something, he proceeds quickly, and he has the economic wherewithal to compete with a REIT or any of the largest developers really in the world,” Phil Mahoney, executive vice chairman for Newmark Knight Frank, told a luncheon crowd at a Commercial Real Estate Women (CREW) Silicon Valley event in San Jose last week.
Mahoney, who has worked on leasing buildings with Jay Paul for more than two decades, spoke alongside Janette D’Elia, Jay Paul Co.'s chief operating officer, during the panel event at the San Jose Capital Club in downtown.
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Rumors erupted shortly after the purchase that Jay Paul already had a tenant, the most prominent of the whispers being that Menlo Park-based Facebook was looking closely at the site.
But last week, Mahoney and D’Elia shrugged off talk of tenants in tow.
“The rumors that it's already leased.... if that's true, let us know,” Mahoney laughed. “It'd be nice if it was true, but it's not. Certainly, we've talked to different groups about different parts of it … but it's still a pretty premature to talk about who any of the end users are going to be.”
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Rumors of FB coming down have been exaggerated it seems.
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