By Meghan Hall
The Bay Area’s major technology companies are continuing to seek out new space across the Bay Area as they plan they continue to plan for future growth. Finnish telecommunications and technology company Nokia Corporation has signed a 231,000 square foot lease for a four story office building at 520 Almanor Avenue in Sunnyvale. The new building, which is currently under construction and is under development by Lane Partners, is located at Peery Park.
The news was first reported by the Silicon Valley Business Journal.
Peery Park is traditionally known as one of the oldest industrial areas of Sunnyvale, but the area is seeing new life with the addition of the 50-acre business park—to be called Pathline Park— which will be developed by the Irvine Company and is located within close proximity to Apple, Google and LinkedIn. 520 Almanor is also located near many well-known and popular eateries such as Round Table, Jamba Juice, Starbucks and Bagel Street Café.
The future Class A office has easy access to the 101 Freeway and will include 7,000 square feet of outdoor terrace space, a seven level parking garage and an on-site café. 2,500 square feet of retail and regular shuttles to Caltrain are also part of the plans for the site. Lane Partners plans to apply for LEED Gold construction certification. San Francisco-based KSH Architects designed the building, which will apply Corten Steel Panels to the exterior of the building. The building is expected to open in the second quarter of 2020.
An early version of the offering on Cushman & Wakefield’s site — the broker in charge of negotiating the deal — stated that the company was looking for leases around $58.20 per square foot per year.
The Business Journal reports that Nokia is planning to consolidate its presence in the Bay Area, combining its current Sunnyvale and Mountain View offices; the Business Journal also estimates that the new building could accommodate some 1,150 employees. Nokia’s current Sunnyvale office is located at 200 S. Mathilda Ave., where the company leases 56,590 square feet spread over five floors.
Right next door to rapidly growing San José, Sunnyvale has become an increasingly popular destination for growing tech companies seeking space outside the traditional boundaries of Silicon Valley. Swedish luxury vehicle manufacturer Volvo signed a lease for 45,000 square feet at 380 North Pastoria in September 2018 for its new Research & Development Silicon Valley Tech Center. 23andMe snapped up 145,500 square feet at 221 North Mathilda in May 2018, while Amazon followed closely behind, signing a lease for an additional 385,000 square feet at Jay Paul’s Moffett Towers — located at 1140 and 1160 Enterprise Way — in June.