California Dolphin: statewide California news

Facebook officially confirms mega-lease that enables Sunnyvale move

SUNNYVALE — Facebook’s huge lease in Sunnyvale is now officially confirmed and will lead to a million-square-foot expansion by the social media behemoth in a city where it has never had a major operation.
The mega-deal — which appears to be the largest office deal in the Bay Area so far in 2018 — was previously revealed by this news organization in an exclusive report . Now, Facebook and a review of Santa Clara County public records both confirm the deal has happened.
“We have secured a lease at Moffett Towers II in Sunnyvale from Jay Paul Company,” said Jamil Walker, a Facebook spokesman.
The deal was arranged through a team from commercial realty brokerage Newmark Knight Frank that was led by vice chairman and broker Philip Mahoney.
Realty firm Jay Paul is the developer of the Moffett Towers 2 complex, a five-building project of modern and high-class offices that will total 1.7 million square feet when complete.
Menlo Park-based Facebook has signed leases to occupy three Sunnyvale office buildings with the addresses of 1180 Discovery Way, 1190 Discovery Way and 900 Fifth Ave., according to official notices filed by developer Jay Paul with the county Recorder’s Office.
Each of the five office buildings are in the size range of roughly 335,000 square feet or more.
To enable the development of the complex, Jay Paul has obtained a 444.4 million loan from JPM Chase, the county records show.
Amazon’s research and development arm, Lab 126, has rented at least one of the remaining two builldings in Moffett Towers 2 that Facebook didn’t rent. County records show Amazon has leased the building at 905 11th Ave., which Cushman & Wakefield estimates totals 350,000 square feet.
“All five buildings are leased and off the market,” according to Mahoney.
 
 
 

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