Boston Properties has closed on their purchase of North First Business Park in San Jose. The park is comprised of eight office and R&D buildings totalling 367,000 square feet on 24 acres of land. The seller was an affiliate of Goldman Sachs. The purchase price was $71.5 Million.

The property is bound by Zanker Road, Daggett Drive, and First Street. Boston Properties’s plans for the property are to redevelop the site into approximately 1.4 million square feet of Class A Office Space.

The park is mostly vacant and it is unclear when Boston intends on redeveloping the site, but it should be noted that a large number of parcels of property have changed hands in the North First Street area recently, and most of the properties include plans to redevelop into Class A office space. It will be interesting to see if the forecasts for Class A space demand will mesh with all the developers who intend on delivering millions of square feet of such space over the next 2-4 years.

Atmel is also currently marketing its headquarters and an adjacent 11 vacant acres of land for sale. The company likely intends on relocating into a smaller Class A headquarters environment somewhere along the 101 corridor in Santa Clara, San Jose, or Milpitas.