Boston Properties and CPPIB form JV to develop office campus in San Jose

Boston Properties and Canada Pension Plan Investment Board (CPPIB) have formed a joint venture to develop Platform 16, a 1.1 million-square-foot class A urban office campus near Diridon Station in downtown San Jose.

“Platform 16 is ideally located in one of the largest technology hubs in the country. With easy access to public transportation, as well as local housing, culture, food and entertainment, Platform 16 will help companies attract and retain the talent they need to support their growth,” stated Aaron Fenton, vice president, development, for Boston Properties.

Boston Properties entered into a 65-year ground lease for Platform 16 in November 2018. As part of that ground lease, the company secured the right to purchase all of the underlying land during a 12-month period commencing Feb. 1, 2020, at a purchase price of approximately $134.8 million.

CPPIB will have a 45 percent ownership interest in the Platform 16 joint venture. Boston Properties will re