The Sobrato Organization, the venerable Bay Area development firm, has helped bring one of the Bay Area’s most recognizable technology firms to its premises in Santa Clara. AirBnB leased just over 301,000 square feet at 4301 and 4401 Great America Parkway, a two-building property that Sobrato owns and leased to Palo Alto Networks. The lease was first reported by the San Jose Mercury News.
According to public records, the two buildings were leased to Palo Alto Networks through July 31, 2023 on a ten-year agreement with Sobrato. Previously, Yahoo had been a tenant in the property. The property is located along the busy Great America Parkway and just off of US Highway 101. To the west of the property is Mission College, and to the east is California’s Great America theme park.
AirBnB is an operator of an online property rental marketplace designed to offer short-term travel stays. The company’s platform helps users to list, discover and book short term accommodations around the world, enabling users to book unique travel experiences in more than 65,000 cities and 191 countries, according to the company’s listing on Pitchbook. The company is expected to go public in 2020, and it is one of the most anticipated public offerings of technology companies that have emerged in the global technology boom over the last decade.
The company is headquartered in San Francisco, and it leases a number of spaces throughout the city. In 2017, it leased 287,000 square feet from Zynga at 650 Townsend and 699 8th Street, which that year was the largest lease in the city. The company occupies over 600,000 square feet in San Francisco’s Showplace Square neighborhood. This lease in Santa Clara would significantly increase the company’s presence across the region and provide it access to a growing labor force in Silicon Valley.
The company has not released its financials, however, Pitchbook reported that the company generated $2.8B in revenue in 2017 and was expected to grow that number to $8.5B by 2020. In March of 2019, AirBnB acquired another San Francisco travel start-up, HotelTonight, as it looks to bring a full end-to-end travel platform to its global user base.