Sunnyvale, California – Twitter recently signed an 8,000 square foot lease at Sunnyvale Business Park. The building, which is managed by Legacy Partners, is located at 400 West California Avenue. Twitter was represented by Andy Poppink, Derek Johnson, and Bret Yerkovich of Jones Lang LaSalle’s Palo Alto office. Dave Sandlin, Susan Gregory, and Kevin Moul of Colliers’ San Jose office represented the owner, Principal Real Estate Investors, in the transaction.[contextly_sidebar id=”dd34de1baf91b1744c140b6589d60778″]Twitter, the popular San Francisco-based online social networking service, recently decided to make its presence known in Silicon Valley, bucking the trend of companies migrating north into “The City.” Their move is another recent example of well-known companies taking blocks of space in the very hot Sunnyvale office market. The Sunnyvale office market has enjoyed positive net absorption for seven of the last eight quarters.
Activity has been strong at Sunnyvale Business Park, so much so in fact that a new 107,000 square foot speculative office building is under construction and already receiving offers. The three-story Class A office building is currently available for lease with an expected completion date of November, 2013. Kevin Moul/Susan Gregory, Sales and Leasing Specialist/Senior Vice President with Colliers’ San Jose office, commented. “This transaction represents just a part of the strong market momentum that exists in the Silicon Valley. Principal Real Estate Investor’s decision to build is very well-timed to meet the increasing demand for top-tier office space in this region, especially due to its proximity to Caltrain and downtown Sunnyvale.”
Dave Sandlin, Senior Vice President with Colliers’ San Jose office commented, “We couldn’t be happier to have yet another remarkable company set up shop in the Sunnyvale Business Park. It is truly a wonderful place to do business, and Principal Real Estate Investors did an outstanding job in accommodating Twitter’s requirements.”
About Colliers International
Colliers International is the third-largest commercial real estate services company in the world, with over 12,300 professionals operating out of more than 480 offices in 62 countries. Colliers International focuses on accelerating success for its clients by seamlessly providing a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and research. Commercial Property Executive magazine ranked Colliers International the top U.S. real estate company. The latest annual survey by the Lipsey Company ranked Colliers International as the second-most-recognized commercial real estate firm in the world. For more information, please visit our Web site at http://www.colliers.com.
About Principal Real Estate Investors
Principal Real Estate Investors manages or subadvises $46.5 billion in commercial real estate assets. The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and member of the Principal Financial Group®.