(EDITOR’S NOTE: According to previous reporting by The Registry, Tishman Speyer paid $365 million for the campus. The campus is currently occupied by NetApp. In a separate statement, NetApp announced its intentions to relocate to 700 Santana Row, in San Jose, where it has leased 303,000 square feet. The site, located on Crossman Drive in Sunnyvale is part of the desirable Moffett Park submarket.)
Tishman Speyer Completes 719,037 sf Transaction – the Largest Private Sector Office Deal in the U.S. in 2021 – Just Seven Months after Acquiring Silicon Valley Property
New York City and Sunnyvale, CA – December 1, 2021 – Tishman Speyer, one of the world’s leading real estate developers and owners, today announced that Meta has signed a 719,037 square foot lease at its Sunnyvale office campus. The property features four modern office buildings, two parking structures and ample outdoor recreational space.
The agreement announced today represents the largest new private-sector office lease executed anywhere in the U.S in 2021. It comes just seven months after Tishman Speyer acquired the campus, which is located on Crossman Drive in the desirable Moffett Park neighborhood, from NetApp.
Tishman Speyer President & CEO Rob Speyer commented, “We are pleased that Meta has chosen Tishman Speyer and our Sunnyvale campus. Silicon Valley remains the global center of innovation and its importance will continue to grow even as other innovation hubs emerge. We were always convinced that the tech sector would maintain a strong appetite for high-quality collaborative spaces and are excited Sunnyvale will house one of the world’s leading companies.
He continued. “This transaction follows our 2.6 million-square-foot deal in Shanghai with ByteDance, along with our recent headquarters agreement with Pfizer at The Spiral in New York City. Our intensified customer focus – going all-out to serve the needs of innovative companies and their employees around the world – is paying off.”
Tishman Speyer’s Sunnyvale campus features an array of modern amenities, including a gym with basketball court, lockers, showers, outdoor volleyball court, executive briefing center, a full-service cafeteria, multiple kitchens, break centers, phone rooms and other common areas. Meta employees will also have access to Tishman Speyer’s popular ZO suite of lifestyle, convenience and amenity service offerings.
Phil Mahoney, Michael Saign and Jon Mackey of Newmark were Tishman Speyer’s listing brokers.
About Tishman Speyer (tishmanspeyer.com)
Tishman Speyer is a leading owner, developer, operator and investment manager of first-class real estate in 30 key markets across the United States, Europe, Asia and Latin America. We develop, build and manage premier office, residential and retail spaces for industry-leading tenants, as well as state-of-the-art life science centers through our Breakthrough Properties venture. With global vision, on-the-ground expertise and a personalized approach, we are unparalleled in our ability to foster innovation, quickly adapt to global and local trends and proactively anticipate our customers’ evolving needs. By focusing on health and wellness, enlightened placemaking and customer-focused initiatives such as our tenant amenities platform, ZO., and our flexible space and co-working brand, Studio, we tend not just to our physical buildings, but to the people who inhabit them on a daily basis. Since our inception in 1978, Tishman Speyer has acquired, developed, and operated 484 properties, totaling 219 million square feet, with a combined value of over $121 billion (U.S.). Our current portfolio includes such iconic assets as Rockefeller Center in New York City, The Springs in Shanghai, TaunusTurm in Frankfurt and the Mission Rock neighborhood currently being realized in San Francisco.