Yahoo currently owns and leases approximately 1.8 million square feet in Sunnyvale, where it is headquartered, and leases an additional 419,000 square feet on Great America parkway in Santa Clara. Yahoo filed an application for entitlements for the new campus development in nearby Santa Clara a little more than a year ago. The city's planning department is now reviewing the draft environmental impact statement, which will soon be distributed for public comment. That would put the project on track to receive final approval from the City Council sometime in the first half of 2010.

2811-2821 Mission College

The property is located between Old Ironsides Drive and Patrick Henry Drive off of Tasman Boulevard, next to a light rail station. TMG assembled the contiguous acreage in multiple transactions beginning in 2001. The bulk of the property is a 40-acre former Siemens campus that holds 600,000 sf of single-story R&D-type buildings. The buildings are "mostly vacant" and house no Yahoo employees, according to the spokesperson.

Yahoo! reportedly evaluated over 50 Bay Area sites from San Francisco to San Jose. One of the key factors in its search was proximity to its headquarters in Sunnyvale.

At the time Yahoo acquired the property, TMG Partners chief executive Michael Covarrubias told Globest.com that Yahoo would eventually scrape the site and build 2.5 million square feet of office space in multiple mid-rise buildings, which would put it on par with Google's headquarters in nearby Mountain View. Covarrubias said TMG would "work with" Yahoo on securing the entitlements "and hopfully more," referring to the possibility of managing the development side of things as well. (For that story, click here ). Covarrubias was out of town Friday and not immediately available to provide an update in that regard.