Oracle Tower Going Sony?

Sony has been in the market for quite some time with a requirement of roughly 300,000-400,000 square feet. They’ve been rumored in the past to be looking at sites from the South Bay up the Peninsula, including Jay Paul’s Moffett Towers project. We’ve heard that they are now seriously considering the Oracle/BEA/Sobrato Tower at 488 N Almaden Blvd in San Jose.

The 388,000 square foot tower’s history goes back to the beginning of the decade when Sobrato Development built it and sat on it for 6-7 years waiting for a single tenant. In 2007, BEA Systems acquired the building from Sobrato for roughly $135M. As BEA was doing work to get the building ready for occupancy, Oracle came along and acquired BEA, but put plans of occupying 488 N Almaden on ice. In early 2008, Oracle began marketing the building for sale. After falling in and out of contract with Legacy Partners for a rumored $100M, the building has since sat vacant waiting for a tenant or a buyer.

It’s unclear whether a deal will happen or not, but landing Sony would be a huge boon to downtown San Jose where 488 N Almaden accounts for around 5% of Downtown San Jose’s vacancy rate, which currently hovers around 20%.

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