Nokia in the Market with a 150K+ Square Foot Requirement

Nokia is in the market with a 150,000 square foot plus office space requirement. The requirement is in the Palo Alto, Mountain View, and Sunnyvale markets. Nokia currently leases approximately 130,000 square feet from Equity Office on Fairchild way on a lease that runs through June of 2009. The project was developed by Keenan-Lovewell in 1999 and the asset was sold to CarrAmerica (now Equity Office) in 2005 for approximately $407 psf ($54M).

Amongst the projects that Nokia has taken a look at is Jay Paul’s Moffett Tower project, which to date has had trouble finding tenants. Nokia would present a significant boost to the project.

Nokia leased the buildings during the height of the dot-com boom and has been paying an above-market rate since.

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