Cisco is parting with a 57 acre site that could house quite a large office development. In fact, it is already zoned for 650,000 SQFT of office or R&D space. Trammel Crow Co. is the purchaser and will either build this out as a speculative project or sell off pieces of the land to companies that are ready to build and have specific requirements in mind.
The parcel is right at the border of Alviso and is very near the @First retail and hotel project anchored by Target and Fresh & Easy. Thousands of new apartments are also under construction right now in the general area. Unfortunately this is one part of North First not serviced by Lightrail, so transit here is not going to be great. I think it would be pretty neat if they could run something like a street car from the nearest station to @First, the new office developments, and the Alviso marina area.