Real estate
that Tishman Speyer and Google own are bounded by Crossman Avenue, East Java Drive, Geneva Drive, and Caribbean Drive.
Google is believed to be planning a long-term redevelopment of the site that it owns on this giant block of properties. The company hasn’t formally discussed its plans on this block, although the tech titan is moving to redevelop other properties in northern Sunnyvale.
Tishman Speyer intends to find one or more tenants to lease the buildings that it has just purchased. Brokers Joe Brady, Michael Drew, Peter Hamann, and
John Brady of commercial real estate firm Savills arranged the Tishman Speyer purchase of the NetApp properties in Sunnyvale, as well as NetApp’s simultaneous lease in San Jose’s Santana Row.
This location is deemed to be one of the prime spots for a tech campus in Silicon Valley.
“There are a lot of big technology companies in the Sunnyvale area that own or lease a lot of big blocks of space,” said Hamann, an executive managing director with Savills, a commercial real estate firm. “Tishman Speyer owns a Class A, ready-to-occupy campus right in the middle of Sunnyvale.”
The sizes of the four buildings that Tishman
Speyer bought from NetApp, according to the Santa Clara County Assessor’s Office:
• 1395 Crossman Ave., 189,700 square feet
• 1375 Crossman Ave., 189,800 square feet
• 1345 Crossman Ave., 189,700 square feet
• 1275 Crossman Ave., 133,000 square feet
The portion of the Sunnyvale block that Tishman Speyer bought features numerous amenities: outdoor recreation areas, a gym with a basketball court, lockers, showers, an outdoor volleyball court, an executive briefing center, a full-service cafeteria, multiple kitchens, break centers, phone rooms, and other common areas.
“The buildings are all
ready to go for a tenant,” Hamann said. “All of the interiors have been kept up immaculately by NetApp over the years.”
The northern Sunnyvale area is one of the longstanding tech hubs of Silicon Valley. Originally a district with many one- and two-story research and office buildings with huge parking lots, part of the region has undergone a dramatic transformation symbolized by modern office buildings. More changes are contemplated, including homes.
Veteran developer Jay Paul Co. a decade ago was the first major real estate firm to see the potential for northern Sunnyvale as a center for brand-new offices, taller buildings, and game-changing tech company
expansions.
“When Jay Paul developed all those office buildings, people thought he was crazy,” Hamann said. “But look at how the area has changed.”
Google, Facebook, and Amazon, either through property purchases or office leases — in Google’s case, both — all have taken at least 1 million square feet of office space in northern Sunnyvale.
“A lot of big companies could be interested in the buildings that Tishman Speyer bought,” Hamann said. “You would think that Google at least has some interest in the buildings. Google could come along and take it all.”