SUNNYVALE,CA-Financial Engines has leased 80,955 square feet in the Moffett Towers. The firm, a leading provider of investment management and retirement advice to employees, is the latest big tenant to sign for space in this three million-square-foot office/R&D complex developed by the Jay Paul Co. in this Silicon Valley city.

Phil Mahoney of Cornish & Carey Commercial Newmark Knight Frank represented the owner in lease negotiations; the brokerage has the exclusive on Moffett Towers complex. David Thede, Jack Troedson and Ben Stern, also of Cornish & Carey, represented Financial Engines.

The seven-building office complex has attracted an enviable group of “A list” technology firms in the past 12 months, including Hewlett-Packard, which leased two buildings with a total 400,000 square feet. Microsoft acquired an entire 235,000-square-foot building, while Motorola took 320,000 square feet in the same complex. Plaxo Comcast also leased about 40,000 square feet in the same complex in the past year.

“It’s unusual for a Palo Alto-based company to look for office space in Sunnyvale,” says Mahoney. Palo Alto, the home of Stanford University, is the fabled birthplace of Silicon Valley, while Sunnyvale has been a secondary submarket in this high-tech area, until recently.

The reason for Financial Engines’  move, Mahoney adds, is that Moffett Towers is both more affordable and less scarce than comparable space in Palo Alto. The large, 40,000-square-foot floor plates are also an attraction for firms that favor collaborative styles of work. The Moffett Towers is also near two freeways and has its own light-rail stop.

 “This is a better building than anything in the entire city of Palo Alto,” says Mahoney.

The office vacancy rate in Sunnyvale is currently 11%, a dramatic drop from 39% just over a year ago, according to Cornish & Carey.