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Apple Leases 60K SF Cupertino Landing Office Building; Blue Coat Sublease Next?

August 1, 2008

It’s been confirmed that the tenant taking Sand Hill Property companies 60K SF Cupertino Landing office development is Apple Computer. We first heard about the brewing deal early last month. The 3-Story, ~60,000 square foot building was the site of the former Any Mountain sportings goods store. The owners at the peak of the market during the late 90’s were rumored to have been offered about $12M for the site but turned it down. After a number of years sitting vacant and for lease, it was finally re-sold to Peter Pau’s Sand Hill Property Company in 2005. The asking rate was $3.50 NNN, and it’s likely the lease was struck somewhere close to that number. TI numbers are unknown, but based on competing new developments, the number is likely to be somewhere in the area of $35-40 psf over shell.

The next largest chunk of space available for Apple to take down is the Blue Coat Systems sublease that will be available shortly. That 105,000 SF space is located just south of the Cupertino Landing project on North De Anza. Blue Coat Systems acquired the site as part of its acquisition of Packeteer. Blue Coat will be consolidating Packeteer into its Sunnyvale facility, which Blue Coat renewed and expanded its lease with Jay Paul on.

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