New York-based real estate development and property management firm Tishman Speyer has signed Facebook’s parent company to occupy its recently acquired campus in Moffett Park. In all, Meta will lease nearly 720,000 square feet of office space in Sunnyvale, Calif., across four buildings of the campus formerly occupied by NetApp.
The lease agreement, completed just seven months after Tishman Speyer acquired the campus, is reported to represent the largest new private sector office lease executed in the U.S. this year.
“These offices will help support our employees’ evolving workforce needs and help make progress on our company’s net zero carbon emission goal by reducing commute times and supporting local public transit infrastructure,” said Meta Communications Manager, Chloe Meyere, in a prepared statement.
“We are pleased that Meta has chosen Tishman Speyer and our Sunnyvale campus,” said Rob Speyer, president and CEO of Tishman Speyer. “Silicon Valley remains the global center of innovation, and its importance will continue to grow even as other innovation hubs emerge. We were always convinced that the tech sector would maintain a strong appetite for high-quality collaborative spaces and are excited Sunnyvale will house one of the world’s leading companies. This transaction follows our 2.6-million-square-foot deal in Shanghai with ByteDance, along with our recent headquarters agreement with Pfizer at The Spiral in New York City. Our intensified customer focus — going all out to serve the needs of innovative companies and their employees around the world — is paying off.”
Tishman Speyer acquired the property in April 2021 for just more than $365 million — also one of the largest transactions to close on the Silicon Valley market this year. The previous owner, Fortune 500 cloud services company NetApp, had occupied the buildings since the development was completed in 2012. However, during the past year, the company decided to recalibrate its Silicon Valley footprint as it transitioned to a hybrid work model that was better focused toward the needs of its employees. Consequently, following a short-term lease-back, NetApp will move its operations to 700 Santana Row in nearby San Jose.
The Sunnyvale portfolio deal that NetApp closed with Tishman Speyer included the following four class A buildings with office space reportedly still in excellent condition:
- The NetApp – Java 2 building at 1275 Crossman Ave., incorporating 133,021 square feet
- Building 7 at 1345 Crossman Ave., with 189,869 square feet
- Building 8 at 1375 Crossman Ave., which encompasses 189,778 square feet
- Building 9 at 1395 Crossman Ave., adding 189,697 square feet of office space
On-site amenities include an executive center; a full-service cafeteria and multiple kitchens; a gym; an outdoor volleyball court; break centers; phone rooms; and other common areas.
Phil Mahoney, Michael Saign and Jon Mackey of Newmark represented Tishman Speyer in the lease deal.