City Of San Jose Acquires Development Site From Owen D. Thomas For $13.5M In San Jose

The property asset involved in this transaction is a 3.56-acre development site located at 447 South Almaden Boulevard in San Jose. The sale was executed for a total price of $13,500,000.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $13,500,000
• Buyer: City of San Jose
• Seller: Owen D. Thomas - BXP
• Date of Transaction: 10/03/2025
• Market: San Jose

The City of San Jose acquired the site after BXP scrapped plans for a 2 million square foot office project. Future plans for the property include potential convention center expansion or the establishment of a sports and entertainment district. The city will finance the deal using short-term notes that will be repaid with parking and convention center revenue.