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Jay Paul Envisions $750M Park on 52 Acres

SUNNYVALE, CA-The San Francisco-based developer ties up 52 acres in the Moffett Business Park here and is going through the design and approval processes for a 1.6 million-sf class A office park that could get under way in the summer, with or without preleasing.

By Brian K. Miller | Updated on December 04, 2005

SUNNYVALE, CA-Developer Jay Paul of San Francisco has tied up 52 acres in the Moffett Business Park here with visions of a stabilized 1.6 million-sf class A office park worth $750 million. Paul’s broker, Phil Mahoney of Cornish & Carey, tells GlobeSt.com that Paul is currently going through the entitlement process. The plan is to complete the entitlement process and close on the land in the spring and then break ground in the summer.

The land sits adjacent to the 750,000-sf office park Paul developed for Ariba in 2000. It has exceptional visibility from Highway 101. The seller is Lockheed Martin Space Systems.

Mahoney says the first phase will include “a substantial portion” of the overall project whether or not there has been any preleasing. If the plan goes smoothly, it will be the first large-scale office development to break ground in the South Bay seen since the market collapsed in 2001.

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