Yahoo Looks to Ditch Silicon Valley Property
Yahoo is looking to sell its Santa Clara development site as it struggles to flip its fortunes from a shrinking market share back to growth.
Yahoo spokeswoman Carolyn Clark says the company holds around 50 acres in Santa Clara with the rights to put up 3M SF of office space.
The search engine icon snagged the property for $106M in 2006 when it was a key for further growth, but stagnant sales since then have sent investors calling for layoffs and downsizing, Bloomberg reports.
Now Yahoo uses the vacant lot for 49ers parking as it works with Jones Lang LaSalle to find a buyer. [Bloomberg]