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11/25/15
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Chelsio Communications has relocated its corporate headquarters in Sunnyvale after agreeing to a new lease for an 18.8k sf, Class A flex building in the city. Chelsio’s new location is at 209 North Fair Oaks, south of the 101 Fwy at Central Expwy.
The single-story facility includes office and R&D space, supported by a robust power infrastructure. Approximately 55 employees are housed in the space with room to expand.
Chelsio’s previous location was at 370 San Aleso Ave, where the company was one of two tenants in a 52k sf building. The company also maintains facilities in India and Japan.
“Chelsio’s lease was coming due and the landlord wanted to convert the space to a single-tenant building to capitalize on Sunnyvale’s explosive growth,” said Nate Currie, managing director of global tenant advisory firm Savills Studley. Currie and colleague Scott Kinder advised Chelsio in the transaction and have worked with the company since 2009.
The landlord, Grey Area 555 LLC, was represented in the transaction by Cushman & Wakefield. Sunnyvale is an extremely desirable and competitive Silicon Valley submarket, with an overall availability rate of 3.7 percent and asking rents averaging $3.49 per square foot per month.
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