By Kate Snyder
A large tech campus in San Jose is listed on the market. Intel’s four-building campus totaling 505,090 square feet, including 57,244 square feet of lab space, is being offered for sale, according to a marketing brochure from Colliers, which is the property’s exclusive advisor. No asking price was listed, and Colliers representatives were not immediately available for comment.
The property is located at 101, 121, 131 and 141 Innovation Drive, in the heart of Silicon Valley. The 24.6-acre site is surrounded by major corporations including Apple, Google, NVIDIA and Cisco. Interstate 880, Highway 101, Highway 237 and the Montague Expressway are all accessible to the site.
The property was built in 1997, according to the marketing information. The four buildings total 447,846 square feet of office space. The three-story building at 121 Innovation Drive totals 128,740 square feet with 121,857 square feet of office use and 6,883 square feet of lab area. At 131 Innovation Drive, there is another three-story building that comprises 127,890 square feet, which breaks down into 123,774 square feet of office space and 4,116 square feet of lab use. A four-story building at 101 Innovation Drive is the smallest by square footage, at 106,462 square feet total, out of which 100,643 square feet is for office area and 5,819 square feet is designed for lab use. The biggest of the four buildings by square footage is the two-story building at 141 Innovation Drive, which totals 141,998 square feet and makes up 101,572 square feet in office and 40,426 square feet in lab. The property also includes a parking structure with 815 stalls along with an additional 1,592 stalls of surface parking
The offering includes a leaseback by Intel on all four buildings for approximately 12 to 24 months with a potential for leaseback on two of the buildings for 10 years, marketing information shows. There are two potential leaseback scenarios for this acquisition – the first is that Intel leases back the entire campus for 12 to 24 months followed by a full vacation of the premises, and the second is that Intel leases back two of the buildings and vacates 12 to 24 months from the date of closing while leasing back the two remaining buildings for 10 years from close with options to renew at fair market rent.
Founded more than 50 years ago, Intel is a multinational technology company based in the Silicon Valley, according to the firm’s website. With more than 13,500 employees across California, the company is dedicated to the design, development and support of semiconductor products that play a role in securing, powering and connecting billions of devices around the world. Intel purchased its first piece of property on a 26-acre pear orchard in 1970 in Santa Clara, which is home to the firm’s headquarters and the flagship for the Intel Museum.
