The Irvine Company is making progress on a new four-story commercial office building, which will soon be coming to Sunnyvale. While currently under construction, the new office space at 275 Mathilda will offer tenants approximately 135,000 square feet of integrated office space and a variety of onsite amenities.
According to Cushman & Wakefield, which is listing the property, the project is likely to be completed in 2022. Once complete, it will provide approximately 38,000 square feet of workspace per floor, two 4,750-square-foot patios and a 4.5-story parking garage with 409 parking spaces.
Other amenities include flexible floor plates located throughout the building to allow tenants to customize their workspace, outdoor spaces with terraced patios, bike lockers with bike rack storage, floor-to-ceiling windows throughout the building, 12 electric vehicle charging stations and more.
The project site is centrally located along Mathilda Avenue and Central Expressway. The property will also be within walking distance to the Caltrain Station to offer an easy commute for building tenants. In walking distance from downtown Sunnyvale, the building will be near a variety of restaurant, retail and commercial buildings. Neighboring tenants include Amazon, Google, Twitter, Linkedin, 23andme, Apple, and HP among others.
According to a recent report from JLL, Silicon Valley-based companies, especially those in the technology sector, remained largely resilient in the first quarter of 2021, despite the effects of COVID-19. In the first quarter of 2021, JLL reported a combined market capitalization increase of approximately 91 percent, which is an increase of more than $3.5 trillion. Throughout Silicon Valley, preleasing on new developments also has remained strong, with about 78 percent of new developments pre-leased in the first quarter. During this time, approximately 7,616,644 square feet was under development, with approximately 1,067,552 square feet being delivered in Sunnyvale alone.
The Irvine Company also owns other properties throughout Sunnyvale, including a mid-tech office development, 305 N. Mathilda, which is directly adjacent to 275 Mathilda. In addition to the two properties, The Irvine Company also owns and operates 12 other office assetss in Sunnyvale. These include 1175 Sonora Court/107 San Zeno, 306-320 Potrero/870 Hermosa, 321-333 Soquel, 323 N. Mathilda Avenue, 435 Oakmead Parkway, 440 Potrero, 601/605 W. California, 815 Hermosa/355 Pastoria, 985 Almanor, Central Research Park, Pathline Park and Soquel Way/Indio.
In total, The Irvine Company owns and operates approximately 126 million square feet in property across the West Coast, Chicago and New York City. This includes 560 office buildings, 125 apartment communities with 65,000 units, 40 retail centers, one coastal resort, two hotels, three golf courses, and five marinas. While primarily located in Orange County, approximately 35 percent of The Irvine Company’s portfolio can be found throughout these other locations.
The Irvine Company did not respond in time to comment on this story.