As GlobeSt.com previously reported, the 46-acre campus, which the company acquired the assemblage here back in 2006 from San Francisco-based TMG Partners has been in the entitlement process for about a year and a half.
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 and a half ago. The city's planning department began reviewing the draft environmental impact statement late last year.
Yahoo Inc. did not return GlobeSt.com queries for comment, however a Yahoo spokesperson previously told GlobeSt.com that there is no timeline for development or firm plans for how the campus would be utilized. While Yahoo isn't providing any cost estimates either such an undertaking would easily top $1 billion, according to local development sources.
The property is located 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 square feet of single-story R&D-type buildings. The buildings are "mostly vacant" and house no Yahoo employees, according to the spokesperson.
Yahoo reportedly evaluated more than 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 scrap 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 hopefully more," referring to the possibility of managing the development side of things as well.
GlobeSt.com will update this story as information becomes available.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
