Sunnyvale's (Already) The Next Big Thing
Irvine Co is on a roll, having just scooped up five office and R&D buildings totaling 113k SF in the Peery Park submarket, and Bisnow's market sources tell us the trade was at $350/SF. The seller of the 95% leased portfolio was Arden Realty, repped by CBRE. Heavy-hitter neighbors: Google, Apple and LinkedIn. With tech giants like that acquiring/leasing space, and firms like Irvine buying blocks of properties, the opportunities for tenants and investors are quickly diminishing.
Irvine's already got an existing Sunnyvale portfolio nearby, and this expansion is part of a long-term investment in Silicon Valley. The buildings sit at 323 N Mathilda, 755 N Mary, 617 Palomar, 720 Palomar and 840 Del Rey and range from 20k SF to 33k SF. Our sources say tenants and investors looking for space in Silicon Valley will be pushed further south. Yahoo's Sunnyvale HQ, above.