Cisco Announces Hiring Freeze; Plans $1B Cost Cuts
November 11, 2008
San Jose-based Cisco Systems (CSCO: 17.11 +0.88%) announced today that it intends to trim $1B from its expenditures and also freeze hiring. The cost cuts will come from limiting travel, events, and relocations. Cisco was one of the more active tenants in the North San Jose/Milpitas submarket over the past two years, and is the largest employer in Santa Clara county.
Two of the most significant leases they signed were for the former Veritas campus and Peery/Arrillaga’s Tasman campus.
They took down approximately 472,000SF at the former Veritas campus which is now owned by CarrAmerica back in October of 2007. That deal was rumored to have been a 12-year deal.
In addition, after sitting vacant for nearly eight years, Cisco leased Peery Arrillaga’s 410,000 square foot office project in Milpitas back in August of 2007.
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