Sunnyvale, CA, May 25, 2011 --(PR.com
)-- Jay Paul Company announced today that Microsoft Corporation executed a long-term lease agreement to lease 237,000 square feet (sf) of office space at Moffett Towers in Sunnyvale, California. Developed by San Francisco-based Jay Paul Company, the LEED Gold, 1.8 million square foot office/R&D campus offers an amenity-rich environment in the heart of Silicon Valley. Cornish & Carey Commercial Newmark Knight Frank Executive Vice President Phil Mahoney represents Jay Paul Company’s Moffett Towers property in all leasing engagements.
Microsoft, the worldwide leader in software, services and solutions, plans to occupy 1020 Enterprise Way in January of 2012. The company will be relocating and expanding several business units currently based in Palo Alto and Mountain View to its new Moffett Towers facility.
“Microsoft’s lease is another significant endorsement from a market leader of the unparalleled Moffett Towers office park experience,” said Mahoney. “Recent leasing activity at Moffett Towers alone has dropped the city of Sunnyvale’s office vacancy rate nearly 10 percentage points. This state-of-the-art campus is changing the landscape of this real estate market.”
In April of 2011 HP leased 393,776 sf and in March of 2011 Motorola Mobility leased 236,444 sf at Moffett Towers. Rambus and Comcast also occupy space in the campus.
Remaining space available for lease at Moffett Towers includes 225,000 sf at 1120 Enterprise Way and 150,000 sf at 1050 Enterprise Way. Currently, interested parties are pursuing both spaces. Construction on the seventh and final Moffett Towers building, the 230,000 sf 1100 Enterprise Way facility, will commence soon and be the final opportunity for companies to lease space in Sunnyvale’s premier office campus.
Moffett Towers offers tenants unprecedented visibility and expansion potential in an ideal location. Strategically located at the juncture of Highways 101 and 237 in Sunnyvale, California, Moffett Towers comprises 1.8 million square feet of LEED Certified Gold, Class A office space set on 52 artfully landscaped acres. The high-performance, green buildings offer 30-70% energy savings. The transit-oriented property lies adjacent to the light rail and minutes away from Caltrain; conscientious commuters also enjoy Bauer’s Wi-Drive luxury shuttle service to Moffett Park. The campus showcases seven award-winning towers, each eight stories high - offering unparalleled bay and valley views - and a 48,000 square foot fitness center with pool and café. For more information visit: www.moffett-towers.com.
About Jay Paul Company
Jay Paul Company is a privately held, opportunity-driven real estate firm based in San Francisco, CA. Founded in 1975, the Company concentrates on the acquisition, development, and management of prime commercial properties throughout California. By blending the skills and expertise of our talented management team, Jay Paul Company has successfully developed over six million square feet of institutional quality real estate while consistently generating attractive returns and enhancing value for our investment and development partners. For more information visit: www.jaypaul.com.
About Cornish & Carey Commercial
A dominant regional real estate force since 1935, Cornish & Carey Commercial partnered in 2010 with Newmark Knight Frank, one of the largest independent real estate service firms in the world, to become Cornish & Carey Commercial Newmark Knight Frank. Regionally, more than 280 agents in 13 strategically located offices throughout Northern California create a powerful combination of people and services that uphold Cornish & Carey Commercial Newmark Knight Frank core values of integrity and knowledge. Headquartered in New York, Newmark Knight Frank and London-based partner Knight Frank operate from over 220 offices in established and emerging property markets on six continents. With a combined staff of 7,300 and revenues last year exceeding $861 million, this major force in real estate is meeting the local and global needs of owners, tenants, investors and developers worldwide. For more information, visit: www.ccareynkf.com.