Pharmacyclics, Inc. will retain its research and development operation in Sunnyvale, CA. The biopharmaceutical company—acquired by AbbVie last year—inked a new long-term direct deal with landlord Gray AREA Arques, a joint venture between Graymark Capital and Ascent Real Estate Advisors, for ±49,920 square feet of R&D space on the eastern side of the city. Pharmacyclics is remaining in its ±36,016 square foot, two-story building at 955 E. Arques Avenue, which it had been subletting on a short-term basis, and is also expanding into ±13,904 square feet in the neighboring building at 961-965 E. Arques Avenue. Gray AREA Arques acquired the pair of high-end buildings, now 100% leased, in spring 2014. Randy Arrillaga, Kalil Jenab and Tucker Beim with Cushman & Wakefield’s Palo Alto office represented the landlord in the transaction. The trio also brokered the property’s investment sale a year and a half ago.
The properties feature excellent access to U.S. Highway 101, California Highway 237 and Lawrence and Central expressways. They are served by a CalTrain Shuttle from the Lawrence CalTrain Station and are positioned close to the new City Sport fitness center, numerous restaurants plus other retail and hospitality services, including those within walking distance of Lawrence Expressway in the Oakmead Business Park.