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Juniper Networks Inks Nine-Figure Lease Renewal

SUNNYVALE, CA-Tishman Speyer and General Electric's pension fund seal an early renewal deal with Juniper Networks to keep their 424,000-square-foot Sunnyvale Office Park fully leased into 2020.

By Brian K. Miller | Updated on November 04, 2009

SUNNYVALE, CA-Juniper Networks has inked a long-term renewal for its 424,000-square-foot headquarters lease, according to local industry sources. The lease will reportedly keep the three-building Sunnyvale Office Park fully leased to publicly-held Juniper into 2020 for owners Tishman Speyer and General Electric.

The news is especially good for General Electic, which used pension fund money to by an 87% stake in the asset from Tishman Speyer in mid-2007–the top of the market–for approximately $226 million or $613 per square foot, two years after Tishman paid $174 million for the whole thing. That deal represented a one-year capitalization rate of 6.5%, according to local sources at the time.

Heretofore, Juniper’s has been leasing the the complex under three separate leases that expire in 2012, 2013, and 2014. The new leases expire in 2020, 2021 and 2022, respectively, according to local industry sources.

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