Located at 180 and 190 Jefferson Dr. near the western approach to the Dumbarton Bridge, the three-story buildings have been vacant for several years. Built in 1997, they were most recently occupied by Sun Microsystems. "Intuit had a group looking for a campus environment over more than 100,000 sf," Dallmar says. "They couldn't find space in Shoreline, where the group is currently housed, because it also home to Google, which has had a huge appetite for picking up space there, so they looked north and south."

The mid-term lease, valued at approximately $15 million, further tightens the Mid-Peninsula office market, where the vacancy rate at the start of 2006 was 27%, due in large part to space given back by Sun Microsystems. Leasing activity was strong in 2006, however, and by the end of the year the vacancy rate had fallen to 12.4. Less than two months later, Dallmar says that figure is now on its way to 10%. "There's been considerable activity in the 101 Corridor," he says.

The buildings will be ready for Intuit to occupy this summer. Intuit likely will not vacate any space in order to occupy this building, Dallmar says. Instead, the company, which has its headquarters in Shoreline Park in Mountain View, will use the campus as expansion space.