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Jay Paul Acquires Acreage for Spec Office Project

SAN FRANCISCO-The locally based real estate company acquires the first 23 acres of a 52-acre site in Sunnyvale, CA, with plans to immediately commence construction of a 1.8 million-sf development

By Brian K. Miller | Updated on June 30, 2006

SAN FRANCISCO-Locally based Jay Paul Co. has acquired the first 23 acres of a 52-acre site and broken ground for Moffett Towers, an eventual 1.8 million-sf office development consisting of seven mid-rise towers. The first phase, three buildings totaling 900,000 sf, is slated for occupancy in late 2007 and early 2008. The project marks the first speculative office development in the area since 2000.

The site is located at 11th Avenue and H Street in the Moffett Park area of Sunnyvale. In a prepared statement, Jay Paul Co. says it chose the location because of its strategic position at the junction of Highways 237 and 101. The location offers multiple transportation options, views of the bay and valley and freeway visibility.

Jay Paul is acquiring the 52-acvre site from Lockheed Martin Space Systems for about $90 million. Neither Jay Paul Co. nor its broker Phil Mahoney of Cornish & Carey were immediately available Friday morning for comment.

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