SUNNYVALE, CA-San Francisco-based Twitter decided to make its presence known in Silicon Valley, bucking the trend of companies migrating north into “The City.” The firm signed an 8,000-square-foot lease at Sunnyvale Business Park.
The building, which is managed by Legacy Partners, is located at 400 West California Ave. Twitter was represented by Andy Poppink, Derek Johnson, and Bret Yerkovich of Jones Lang LaSalle's Palo Alto office.
Dave Sandlin, Susan Gregory, and Kevin Moul of Colliers' San Jose office represented the owner, Principal Real Estate Investors, in the transaction. Principal Real Estate Investors has also been in the news lately with a recent land site purchase in nearby San Jose from Cisco Systems that could potentially include up to 1 million square feet of office and industrial space.
Twitters move is another recent example of well-known companies taking blocks of space in the very hot Sunnyvale office market, according to Colliers. The Sunnyvale office market has enjoyed positive net absorption for seven of the last eight quarters, the firm says.
Activity has been strong at Sunnyvale Business Park, so much so in fact that a new 107,000-square-foot speculative office building is under construction and already receiving offers, as GlobeSt.com reported in February. The three-story class-A office building is currently available for lease with an expected completion date of November, 2013.
Moul and Gregory, sales and leasing specialist/SVP with Colliers' San Jose office, point out that “This transaction represents just a part of the strong market momentum that exists in the Silicon Valley. Principal Real Estate Investor's decision to build is very well-timed to meet the increasing demand for top-tier office space in this region, especially due to its proximity to Caltrain and downtown Sunnyvale.”
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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.
