SAN JOSE (KPIX) — A New York private school plans to launch a location in San Jose, raising the benchmark for expectations and tuition.

The Avenues, headquartered in New York’s Chelsea neighborhood in Manhattan, has finalized the purchase of 550 Meridian Avenue, a 77-thousand square foot, three-story office building in the midtown area of San Jose, in a $27 million all-cash transaction.

The school will be called Avenues Silicon Valley.

“San Jose embraces innovation and has an ethos and DNA that aligns with Avenues and our quest to redefine what a school can be. We hope to benefit the community for generations to come,” said Tara Powers, global director of communication, in an e-mail to KPIX.

Tuition has yet to be finalized but “it will be in line with other Avenues campuses around the world.” Avenues’ website lists tuition for 2-18-year-olds at their Manhattan campus at $56,000 per year.

In comparison, tuition at San Jose’s other private high schools varies widely:

Bellarmine College Preparatory: $21,000

Archbishop Mitty High School: $22,000,

BASIS Independent Silicon Valley: $29,000

The Harker School: $51,000

“Silicon Valley is fortunate to have a number of high-quality schools that provide a variety of options for families. Avenues is unique in that we are a world school operating as one school with many campuses currently located in New York, São Paulo, Online and Shenzhen, with additional campuses planned in leading cities around the world. Within this global context, we offer a state-of-the-art education while preparing students to excel during a time of unprecedented complexity and accelerating change,” said Powers.

Avenues says it has provided more than $11 million in financial aid to more than 300 students this year.

“We offer a robust financial assistance program to make an Avenues education accessible to highly-qualified students, regardless of family income. We share our prosperity with those who need it,” Powers said.

Avenues is expected to open in 2021.

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