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PalmOne Inks 288,000-SF Office Sublease

SUNNYVALE, CA-In preparation of a planned relocation and expansion from Milpitas, CA, the handheld computer maker signs a sublease agreement with Philips Electronics North America for a class A office building here that is owned by San Francisco-based Jay Paul Co.

By Brian K. Miller | Updated on January 13, 2005

SUNNYVALE, CA-Handheld computer maker PalmOne has subleased 288,000 sf of class A office space here from Philips Electronics North America. The length of the lease is seven years, which matches the term left on Philips’ master lease with building owner Jay Paul Co. of San Francisco.The building is located at 950-1000 Maude Ave., near the confluence of US 101 and SR 237. The negotiated lease rate was not disclosed by the parties involved and not otherwise immediately available. The triple-net asking rate for the sublease was $1.25 per sf per month. At $1 per sf, the value of the triple-net lease would be about $24.2 million.Phil Mahoney, EVP of Cornish & Carey Commercial, represented PalmOne in the transaction. Philips was represented by John McMahon, a VP with Colliers International in San Jose.Mahoney tells GlobeSt.com that the building was constructed in 2000 and built out with $100 per sf of tenant improvements. Philips occupied the building from 2000 to 2002. It has been vacant the past two years. PalmOne will relocate from 153,000 sf within the Irvine Co.’s McCarthy Center development in Milpitas. The specific building PalmOne will be vacating is 400 N. McCarthy Blvd.

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