Santa Clara, CA, August 18, 2011 --(PR.com
)-- Cornish & Carey Commercial Newmark Knight Frank announced that Google, Inc. has executed a long-term lease agreement to occupy approximately 715,500 square feet (sf) of office space at Jay Paul Company’s Technology Corners campus. This lease of Jay Paul’s four-building property located at 803-811 11th Avenue in Sunnyvale represents the Internet giant’s first major lease in Sunnyvale. Cornish & Carey Commercial Newmark Knight Frank Executive Vice President Phil Mahoney represents Jay Paul Company’s Technology Corners property in its leasing engagements.
“Jay Paul Company is pleased to welcome Google to the Technology Corners campus,” said Jay Paul Company Senior Vice President and COO Janette D’Elia Sammartino. “When we design a Jay Paul facility, our mission and focus is to ensure the environment helps drive our tenants’ success. That Google, who is at the cutting edge of innovation, chose our campus is great validation. We are excited that Technology Corners will be a part of Google’s growth.”
With only a few large vacant spaces remaining in Mountain View, Google chose to secure space in a neighboring Silicon Valley city to accommodate anticipated growth. At the beginning of 2011, Google projected growth of more than 6,000 employees for the year. The firm has already added more than 4,300 people year-to-date. The Technology Corners campus could accommodate nearly 3,000 employees.
Technology Corners is comprised of (4) four-story, Class A office buildings and a 16,000-square-foot fitness center all strategically located on 26.5-acres at the junction of Highways 101 and 237 in Sunnyvale. Jay Paul Company developed the property in 2000 and originally leased it to Ariba, Inc. Ariba subsequently subleased portions of the space to various tenants including Juniper Networks, Inc., Motorola and Efficient Frontiers. Google plans to occupy the campus upon expiration of Ariba’s master lease in 2013.
Technology Corners lies immediately adjacent to Jay Paul Company’s Moffett Towers campus where HP, Microsoft and Motorola Mobility recently executed lease agreements totaling nearly 870,000 sf.
“The Class A commercial real estate market in Silicon Valley remains strong,” said Mahoney. “Having experienced over four million square feet of absorption already in 2011, the office market continues its rebound. Although several corporations have already committed to significant leases this year, a number of large requirements remain in the Silicon Valley and the outlook continues to be promising.”
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