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Boston Properties, CPPIB teaming up for San Jose, Calif., project

Boston Properties Inc. is teaming up with Canada Pension Plan Investment Board, or CPPIB, to develop the 1.1 million-square-foot Platform 16 urban office campus near Diridon Station in downtown San Jose, Calif.

Boston Properties will have a 55% ownership stake in the project and will provide customary development, property management and leasing services, and CPPIB will have a 45% stake.

Office real estate investment trust Boston Properties signed a 65-year ground lease for the asset in November 2018, which came with the right to acquire all of the underlying land for roughly $134.8 million within a 12-month period commencing Feb. 1, 2020.

The project will have three buildings with floor plates expected to range between roughly 25,000 square feet and 90,000 square feet as well as 16 large outdoor terraces. Amenities will include a fitness and wellness facility and a conference center.

The 5.4-acre site is adjacent to Alphabet Inc. unit Google's planned 8 million-square-foot transit village.

Construction is expected to commence in the next six months, subject to market and other conditions.