Tech Companies Sign Some Of The Biggest Q1 Leases In Silicon Valley
Several big leases were signed last quarter throughout the Silicon Valley. While tech represented the largest leases, other professional firms are making their marks in the Valley. Check out some of the biggest office leases signed so far this year.
Location: 925 11th Ave., Moffett Towers II, Sunnyvale
Landlord: Jay Paul Co.
Size of Lease: 350K SF
Amazon will occupy one of the five eight-story towers underway at Jay Paul’s Moffett Towers II. The office is expected to be completed during the third quarter. The 1.8M SF, 47.4-acre Moffett Towers II site will include a campus park and a 52,500 SF fitness center. Amazon’s office tower at 925 11th Ave. is near Amazon’s 581K SF Lab126 facility at Moffett Towers I, which is also planned to deliver during the third quarter. JLL repped Amazon, while Newmark Cornish & Carey repped Jay Paul Co.
Location: 2100 University Ave., East Palo Alto
Landlord: Sobrato Organization
Size of Lease: 214K SF
Amazon will expand its presence in East Palo Alto and add 1,300 jobs into a region with few tech jobs available. The e-commerce giant already occupies 80K SF at University Circle. New jobs from Amazon will provide a 50% increase in the number of available jobs in East Palo Alto. Amazon and Sobrato plan to find East Palo Alto residents to fill those jobs and a proposed $1.2M program would help staff an employment center.
Undisclosed Robotics Company
Location: 1149 Chess Drive, Foster City
Size of Lease: 126,345 SF
The Harvest Properties JV bought this property from a private individual and immediately secured a long-term lease with an undisclosed robotics company for office/R&D/lab space. The property will become the robotics company’s headquarters and a significant renovation is planned. Cushman & Wakefield repped Harvest and LaSalle.
Location: 3300 Olcott St., Santa Clara
Landlord: PSAI Realty Partners
Size of Lease: 105,664 SF
Gigamon renewed its lease at its Santa Clara headquarters for five years beginning April 1, 2018. The tech vendor has the option to extend the lease an additional five years. The monthly base rent during the first year of the new lease will be $273,173 and increase 3% each year, according to CoStar.
Gigamon also agreed to lease 45,896 SF from American National Insurance Co. at the three-story office building next door beginning in October for a term of 90 months. Savills Studley repped both tenant and landlord for the 3300 Olcott lease, while Colliers International repped the 3250 Olcott lease on behalf of the landlord.
Chan Zuckerberg Initiative
Location: 2075 Broadway, Redwood City
Landlord: Lane Partners
Size of Lease: 102,079 SF
The construction of Lane Partners’ newest Redwood City building will begin in June and last 20 months. The Chan Zuckerberg Initiative, a philanthropic organization from Facebook founder Mark Zuckerberg and his wife, Priscilla Chan, will occupy a four-story building designed by Korth Sunseri Hagery Architects. The building will include 12K SF of ground-floor retail. Cushman & Wakefield repped the landlord.
Location: 601 Marshall St., Redwood City
Landlord: Dostart Development Co.
Size of Lease: Over 100K SF
During a time when law firms are downsizing, Goodwin Procter will expand in the Bay Area and become the anchor tenant at Dostart Development’s pre-certified LEED Platinum building under construction. Cushman & Wakefield repped DDC, while Savills Studley repped the tenant.
Find out more about the latest deals and the future of office in Silicon Valley at Bisnow’s upcoming event May 10.