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September 26, 2023
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Tishman Speyer Acquires 700k sf Silicon Valley Office Campus


Tishman Speyer acquired a four-building, 700k sf Class A office campus in Sunnyvale, within the city’s Moffett Park submarket, in a deal estimated to be worth $365 mil. The campus, located at 1395 Crossman Ave, currently serves as the headquarters location for cloud services firm NetApp, which plans to relocate to a 301k sf building within Santa Row in San Jose later this year, following a short lease back.

The site also includes two parking structures plus outdoor recreational space. Tishman Speyer plans to release the property, built in 2012, to one or more tenants after capital improvements.

Most of the property’s broad array of amenities – including a gym with basketball court, lockers, showers, outdoor volleyball court, executive briefing center, a full-service cafeteria, multiple kitchens, break centers, phone rooms and other common areas – will be retained. In addition, Tishman Speyer plans to introduce its popular ZO suite of lifestyle, convenience and amenity service offerings to tenants at the campus.

Phil Mahoney, Jon Mackey, and Mike Saign at Newmark will handle leasing at the complex on behalf of Tishman Speyer. Joe Brady, Mike Drew, Peter Hamann and John Brady at Savills repped NetApp in the transaction.

The transaction adds to Tishman Speyer’s growing footprint in the Silicon Valley area and in the Bay Area overall. The firm’s existing portfolio of signature properties in the region includes Bayside Towers in Foster City, 400 Castro Street in Mountain View, and several major properties in San Francisco. The latter group includes, among others, 222 Second, which is leased to LinkedIn, and the transformational Mission Rock project underway in collaboration with the San Francisco Giants.

Tishman Speyer President & CEO Rob Speyer commented, “Silicon Valley is at the epicenter of the innovation economy and demand for high-quality office space, specifically around Moffett Park, is very strong. The right real estate can support and even galvanize innovation, as expert design, accessible green space, and top-level amenities help create dynamic and thriving workplaces. Our goal is for the Sunnyvale campus to do just this.”

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