Adobe Systems Inc. (NASDAQ:ADBE) has been on an upward trajectory in recent times. However, they lost 0.18% in the last trading session to end the day at $254.35.
The consistency shown comes at the back of an announcement that the company plans to break ground with a new 18-story tower which will be their fourth. They have equally released renderings of what the project will look like in downtown San Jose.
The Adobe global real estate senior director, Stott Ekman, released the new renderings of what the story-tower expansion of the headquarters will look like as well as offering insight to the company’s vision for their development in downtown San Jose. He was speaking during the Silicon Valley Business Journal panel “The Future of Downtown San Jose” that the Rotary Summit Centre hosted.
Mr Ekman said that San Jose was the best talent in the tech world and that the company is just committed to continue its expansion plans there. However, he indicated that they have other places across the globe where they are looking to grow, but those are not necessarily for the development of tech talent.
The new building
The renderings of the new tower show that it will be built at 333 W San Fernando St on a 2.5 Acre property. It will have parking on lower tower levels with officer space of about 700,000 square feet that can accommodate approximately 4,000 employees.
The company acquired an entitled development site over a year ago for around $68 million from Lew Wolff and Phil DiNapoli. The company received approval for development from the City of San Jose in 2017, and they will build a mixed-use tower with over 650,000 square feet of office and retail spaces including above ground and underground parking.
The global real estate director indicated that the company expected to break ground for construction of the tower although he did not specify the month. He said that building is likely to take around three years.
Adobe currently has three buildings in the heart of downtown San Jose that make up their global headquarters.