SAN JOSE — The real estate team behind a downtown San Jose office tower has decided to scout for multiple tenants for the first time, a strategy shift that could help bring more workers to the city’s urban core.
Jay Paul Co. and its marketing team from commercial real estate firm Newmark have switched gears in their efforts to land tenants for the tower at 200 Park Ave.
Entry area of the 200 Park office tower, seen in February 2026. (Shae Hammond/Bay Area News Group)
200 Park, a 19-story office tower in downtown San Jose, seen in August 2025. (George Avalos/Bay Area News Group)
Newmark executives Phil Mahoney and Mike Saign and real estate firm Jay Paul Co. had initially sought a single tenant, or possibly two tenants at most, to fill the building at the corner of Park Avenue and South Almaden Boulevard.
“We will look at one- to two-floor tenants at 200 Park,” said Mahoney, an executive vice chairman with Newmark.
The increased flexibility means tenants that don’t require hundreds of thousands of square feet could find new workspaces.
“Tenants of a full-building size don’t grow on trees, and Jay Paul and Newmark should definitely do multi-tenant leasing there,” said Mark Ritchie, president of San Jose-based real estate firm Ritchie Commercial. “It’s the nature of a downtown to have multiple tenants in a building versus large suburban offices with a single tenant.”
The 19-story building contains 971,000 square feet of office spaces on 15 of its levels. The 15 levels work out to roughly 64,700 square feet of space per floor.
“Smaller spaces for tenants raise the odds,” Ritchie said. “It’s time to see some leasing at 200 Park.”
Office vacancy levels for downtown San Jose have been high in recent years, roughly 30% as of the end of 2025.
“Downtown San Jose needs office tenants,” Ritchie said.