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Silicon Valley Bank Inks 213,000-SF Renewal

SANTA CLARA, CA-The holding company for the locally based financial institution re-ups at Lake Marriott Business Park, home of its world headquarters for more than decade.

By Brian K. Miller | Updated on November 01, 2004

SANTA CLARA, CA-Equity Office Properties kept half of its Lake Marriott Business Park here off the leasing market recently by negotiating a long-term lease renewal with Silicon Valley Bancshares, the holding company for Silicon Valley Bank. The financial institution keeps its world headquarters at the 400,000-sf development.The park is located between Highway 101 and Route 237. Silicon Valley Bancshares leases 213,000 sf at the park, which consists of seven two-story Mission-style office buildings on a landscaped courtyard with a lake and fountains. The bank’s head of strategic planning Glen Simmons says the firm had several relocation options, but Equity offered the most attractive deal, saying it included a “significant cost savings” and a “revitalization” of its existing space. Howie Dallmar of Cornish & Carey and Tom McGovern of CRESA Partners represented Silicon Valley Bank in the transaction. Equity Office was represented in-house by managing director Eric Luhrs. “We were up against serious competition from numerous projects in various cities,” says Luhrs. The value of the transaction was not immediately available. The asking rate for small (1,000- to 3,000 sf) spaces in the development is $21.60 per sf per year.

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