Loring Ward is a rapidly growing investment management firm with $11.2 billion under management. They currently have 100 employees that are split between two offices in Santana Row that total 25,000 SQFT. They needed a lot of room to grow and wanted an environment that provided easy access to amenities, so they choose Downtown San Jose. The company leased 43,000 SQFT at 10 Almaden, making it the largest new Downtown lease of the year.
As part of the eight-year contract, they will get their name on the building with great visibility from Santa Clara Street. Loring Ward is hoping to complete construction this fall, which will include a mix of private workspaces, open offices, and private interior offices.
As an added bonus in the Silicon Valley Business Journal article, it looks like brokers for the Boston Properties office project near the convention center have started marketing the space again. If they find a tenant, the project could reach 800,000 SQFT (I remember old renderings consisting of three high-rise buildings). It's nice to see that more than just residential and retail are picking up steam Downtown.
Side note: Did anyone know that 10 Almaden had a lap pool? I didn't until I saw the photo below.