December 11, 2008
Avaya has put up for sublease approximately 140,000 square feet of office and R&D space in Milpitas. The 140,000 square feet is spread across two buildings, is Plug N’ Play with furniture, and has an asking rent of $1.25 NNN. The sublease runs through March 2012. The buildings are directly across from Cisco’s 410,000 square feet campus which it leased from Peery/Arrillaga in April of 2007 for about $2.00 NNN.
The Milpitas market is predominately R&D, but pure office buildings make up for about 1.5M square feet of space. The vacancy rate for R&D in Milpitas is somewhere in the area of 15-20%, and for office it is right around 10%, though classifications of which buildings are office and which are R&D are up for debate.
- RREEF Portfolio Under Distress
- Banks To Continue Dumping Office Space
- A Guide to Office Building Classifications; Class A, Class B, Class C
- It’s Official: Yahoo! Vacating Mission College Campus
- Yahoo! Set To Introduce 385,000 SF of Vacancy to Santa Clara