SAN JOSE — Two veteran real estate firms are eyeing a proposal to produce well over 400 homes at an office building site in San Jose in a fresh indication that housing conversion efforts remain of interest to developers.
The potential development site is at 3550 North First St. in San Jose, a property that is owned by an affiliate of LBA Realty, Santa Clara County real estate documents show.
SummerHill Homes is floating the plans for the housing development, according to a preliminary proposal on file with San Jose city officials.
The north San Jose property where the housing might sprout totals 5.9 acres, Santa Clara County Assessor’s Office files show. The site consists of an office building that fronts on North First Street and an adjacent parking lot and empty field.
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LBA Realty bought the site in February 2025, paying $18.5 million for the office building and adjacent lots, public records show. The property is at the corner of First Street and Baypointe Drive.
Analog Devices, a semiconductor company, sold the building to the LBA Realty affiliate. LBA bought the building through an all-cash deal, according to property documents.
The office building totals 76,700 square feet, marketing materials circulated by Cushman & Wakefield, a commercial real estate firm, showed at the time of the purchase.
LBA Realty appears to have bought the building at an attractive price. The real estate firm’s purchase price was 42.9% below the site’s $32.4 million assessed value in January 2025.
Confronted by a shaky office market, a growing number of developers are considering ways to convert their office properties to other uses such as housing projects or data centers.
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