DTZ Represents Tenant in 200,000 Square Foot Lease at Bay Meadows Station
PALO ALTO, CA – August 19, 2015 – DTZ, a global leader in commercial real estate services, announced today that SurveyMonkey has leased 200,000 square feet for a new headquarters location at Bay Meadows Station in San Mateo, CA. SurveyMonkey, the world’s leading online survey and data insights platform, is relocating its current headquarters from downtown Palo Alto.
David Hiebert, Managing Principal and Colin Feichtmeir, Senior Managing Director with DTZ’s offices in Palo Alto and San Jose represented SurveyMonkey in the lease transaction.
SurveyMonkey leased the entire office portion of the building at 3050 Delaware Street, known as Station 4, located at the northwest corner of Delaware Street and 31st Avenue. The under-construction Bay Meadows Station is slated to include five Class A office buildings totaling approximately 763,000 rentable square feet within the new 83-acre master planned Bay Meadows neighborhood when fully built out. SurveyMonkey’s uniquely curved building will provide a fourth wall to the Town Square area of the project. Bay Meadows is owned by the joint venture of Bay Meadows Land Company and Stockbridge Real Estate Funds.
Mr. Hiebert said, “SurveyMonkey loves its space in downtown Palo Alto, but it all boiled down to the real estate being able to accommodate the company’s successful and rapid growth.”
Mr. Feichtmeir said, “SurveyMonkey’s new location satisfies its most critical needs, allowing the company to manage growth for years to come in a transit-oriented area.”
SurveyMonkey is expected to move into its new headquarters in early 2017 but does not intend to occupy the entire 200,000 square feet right away. The remaining square footage may be sublet. Based in downtown Palo Alto since 2010, SurveyMonkey has been operating in nearly 59,000 square feet on Lytton Avenue for the past 16 months. The company is weighing its strategic options for that building as well.
DTZ is a global leader in commercial real estate services providing occupiers, tenants and investors around the world with a full spectrum of property solutions. The company’s core capabilities include agency leasing, tenant representation, corporate and global occupier services, property management, facilities management, facilities services, capital markets, investment and asset management, valuation, research, consulting, and project and development management. DTZ provides property management for 1.9 billion square feet, or 171 million square meters, and facilities management for 1.3 billion square feet, or 124 million square meters. The company completed $63 billion in transaction volume globally in 2014 on behalf of institutional, corporate, government and private clients. Headquartered in Chicago, DTZ has more than 28,000 employees who operate across more than 260 offices in 50 countries and represent the company’s culture of excellence, client advocacy, integrity and collaboration.
DTZ announced an agreement to merge with Cushman & Wakefield in a May 11 press release. The new company, which will operate under the Cushman & Wakefield brand, will have revenues over $5.5 billion, over 43,000 employees and will manage more than 4 billion square feet globally on behalf of institutional, corporate and private clients. The agreement is subject to customary closing conditions and is expected to close before the end of 2015. For further information, visit: www.dtz.com.