SUNNYVALE, CA-Microsoft Corp. has executed a long-term lease agreement to lease 237,000 square feet of office space at Moffett Towers here. Developed by San Francisco-based Jay Paul Co., the LEED Gold, 1.8-million-square-foot office/R&D campus is located in the heart of Silicon Valley.
Microsoft plans to occupy 1020 Enterprise Way in January of 2012. The company will be relocating and expanding several business units currently based in Palo Alto and Mountain View to its new Moffett Towers facility.
GlobeSt.com learns that it is expanding from approximately 160,000 square feet. Although terms are undisclosed, Cornish & Carey Commercial Newmark Knight Frank tells GlobeSt.com that asking rates for Moffett Towers are $2.95 per square foot per month, NNN.
Cornish & Carey Commercial Newmark Knight Frank executive vice president Phil Mahoney represented Jay Paul Co.’s Moffett Towers property. “Microsoft’s lease is another significant endorsement from a market leader of the unparalleled Moffett Towers office park experience,” says Mahoney.
Recent leasing activity at Moffett Towers alone has dropped the city of Sunnyvale’s office vacancy rate nearly 10 percentage points, Mahoney adds. “This state-of-the-art campus is changing the landscape of this real estate market.”
In April of 2011, Hewlett-Packard leased 393,776 square feet and in March of 2011, Motorola Mobility leased 236,444 square feet at Moffett Towers. Motorola was represented by Frank Rivas and Scott Soares of USI Real Estate. Rambus and Comcast also occupy space in the campus.
Remaining space available for lease at Moffett Towers includes 225,000 square feet at 1120 Enterprise Way and 150,000 square feet at 1050 Enterprise Way. Currently, interested parties are pursuing both spaces, according to a prepared statement.
Construction on the seventh and final Moffett Towers building, the 230,000-square-foot 1100 Enterprise Way facility, will commence soon and be the final opportunity for companies to lease space in Sunnyvale’s premier office campus. Moffett Towers is situated on 52 acres at the juncture of Highways 101 and 237. The transit-oriented is adjacent to the light rail and close to Caltrain. It features seven towers of eight stories each, plus a 48,000-square-foot fitness center with pool and caf
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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.
