[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]  David Auerbach ⭕️ [@DailyREITBeat](/creator/twitter/DailyREITBeat) on x 3884 followers Created: 2025-06-03 12:57:34 UTC 🏗️ $BXP, Inc. Exits Key San Jose Development Sites Amid Office Market Struggles As rising construction costs and weak demand continue to challenge California developers, BXP (formerly Boston Properties) is pulling the plug on several major Silicon Valley projects — including office and housing developments in San Jose. Here’s the breakdown ⬇️ 📉 Two San Jose Sites Now for Sale: 📍 Station on North First (25-acre site once slated for 1.6M SF of office/R&D) * Later reimagined in 2023 as a 500-unit housing project, including 100+ affordable units * Located near North First Street & Zanker Road, close to the light-rail corridor 📍 XXX South Almaden Blvd. * Formerly planned for two 16-story office towers (2M+ SF) with retail * Prime downtown location across from San Jose Convention Center * Never broke ground 💸 Why BXP Is Backing Out: 📈 Rising construction costs 📉 Lack of demand for new office space 💰 High interest rates make housing projects financially challenging, even amid strong demand 🏙️ BXP’s shift reflects broader challenges facing the Bay Area's commercial development pipeline 🏘️ A Shift Toward Housing — But Slowly: BXP has experimented with multifamily: 🏗️ 670-unit project in Jersey City (JV with CrossHarbor Capital and Albanese Organization) 🏘️ 312-unit project in Lexington, MA But in San Jose, the housing pivot is now off the table 📍 Context: Bay Area Market Pressures * San Jose has one of the highest rents in the U.S. * Office-to-housing conversions are gaining momentum as developers pivot from unviable office projects: 🔄 Jay Paul Co.: Converting office at XXX W. San Fernando St. into XXX homes 🔄 Strada Investment Group: XXXXX new apartments proposed for San Francisco’s SoMa, replacing a prior tech office plan 📊 Bigger Picture: * The Bay Area’s office recovery remains elusive post-COVID. * Projects like Platform XX (1.1M SF BXP development) remain frozen indefinitely. * Developers face a hard truth: new office construction rarely pencils today, even in major innovation hubs like San Jose. XXX engagements  **Related Topics** [plug](/topic/plug) [$bxp](/topic/$bxp) [boston properties inc](/topic/boston-properties-inc) [stocks real estate](/topic/stocks-real-estate) [Post Link](https://x.com/DailyREITBeat/status/1929885167688065478)
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David Auerbach ⭕️ @DailyREITBeat on x 3884 followers
Created: 2025-06-03 12:57:34 UTC
🏗️ $BXP, Inc. Exits Key San Jose Development Sites Amid Office Market Struggles
As rising construction costs and weak demand continue to challenge California developers, BXP (formerly Boston Properties) is pulling the plug on several major Silicon Valley projects — including office and housing developments in San Jose. Here’s the breakdown ⬇️
📉 Two San Jose Sites Now for Sale: 📍 Station on North First (25-acre site once slated for 1.6M SF of office/R&D)
- Later reimagined in 2023 as a 500-unit housing project, including 100+ affordable units
- Located near North First Street & Zanker Road, close to the light-rail corridor 📍 XXX South Almaden Blvd.
- Formerly planned for two 16-story office towers (2M+ SF) with retail
- Prime downtown location across from San Jose Convention Center
- Never broke ground
💸 Why BXP Is Backing Out: 📈 Rising construction costs 📉 Lack of demand for new office space 💰 High interest rates make housing projects financially challenging, even amid strong demand 🏙️ BXP’s shift reflects broader challenges facing the Bay Area's commercial development pipeline
🏘️ A Shift Toward Housing — But Slowly: BXP has experimented with multifamily: 🏗️ 670-unit project in Jersey City (JV with CrossHarbor Capital and Albanese Organization) 🏘️ 312-unit project in Lexington, MA But in San Jose, the housing pivot is now off the table
📍 Context: Bay Area Market Pressures
- San Jose has one of the highest rents in the U.S.
- Office-to-housing conversions are gaining momentum as developers pivot from unviable office projects: 🔄 Jay Paul Co.: Converting office at XXX W. San Fernando St. into XXX homes 🔄 Strada Investment Group: XXXXX new apartments proposed for San Francisco’s SoMa, replacing a prior tech office plan
📊 Bigger Picture:
- The Bay Area’s office recovery remains elusive post-COVID.
- Projects like Platform XX (1.1M SF BXP development) remain frozen indefinitely.
- Developers face a hard truth: new office construction rarely pencils today, even in major innovation hubs like San Jose.
XXX engagements
Related Topics plug $bxp boston properties inc stocks real estate