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Carlyle JV Going Spec on Campbell Office Project

San Jose Office

Carlyle Group and South Bay Development are building a five-story spec office building in Campbell, signaling that Silicon Valley growth is ramping up in the West Valley.

The companies plan to start construction in the coming weeks on Creekside @ 17, a 175k SF project. South Bay has owned the entitled project since 2008, but just brought in Carlyle as partner last week.

The project includes 34k SF floor plates and could house one or several tenants. Space is listed at $3.95/SF, the Silicon Valley Business Journal reports.

Campbell had an office vacancy of 8.6% in the third quarter (down from 16.9% in 2012), and several recent deals reflect the growing interest in the West Valley, such as Splunk's 234k SF lease at Santana Row and Netflix's expansion into two additional buildings in Los Gatos. [SVBJ]