Mountain View-based LinkedIn Corp. has leased 560,000 square feet at 555 N. Mathilda Ave. in Sunnyvale at a to-be-built campus that it expects to occupy in mid-2014, according to documents filed with the Securities and Exchange Commission.
DiNapoli is allowed to build an urban-density corporate campus at North Matilda and West Maude avenues, with buildings as tall as 103 feet and a development density of 100 percent—a square foot of building for every square foot of land, according to the city.
The city has conceived the location as a “gateway” since the early 1990s and sought to have more monumental development to assert that character, the city’s community development director said. This is the first time that appears to be happening.
In a deal originally reported by The Registry on July 24, the social networking Internet site for business professionals has agreed to lease four buildings for 12 years with lease obligations beginning in October 2014. The lease expires in September 2026.
LinkedIn expects to pay monthly rent beginning at $1.8 million rising to approximately $2.5 million as the lease progresses. The lease includes a $50 a square foot allowance to LinkedIn by the landlord for tenant improvements. The Internet-based company described the transaction as a “material definitive agreement” in its SEC filing.
Under the city approvals, DiNapoli could build two six-story buildings, one four-story building and a five-story parking garage. It also was allowed to keep a 73,000-square-foot building and to construct an amenities building for the entire campus. LinkedIn leased that 73,000 square-foot building earlier this year for seven years. At the same time, LinkedIn signed leases for two additional buildings nearby, neither of which is owned by DiNapoli.