Network Appliance Cutting 500 Jobs

Sunnyvale-based Network Appliance (NTAP: 33.1925 +1.13%) announced that it will be cutting 500 jobs globally. The cuts represent 6% of its workforce. The company is still profitable, and has a significant presence in Sunnyvale, where it controls some 740,000 square feet.

In addition, the company controls other properties in the vicinity, in which it has in the recent past entered into sale-construction-leaseback agreements with BNP Paribas. One of the most recent is a $50M agreement the company has struck whereby BNP Paribas ground leases from Network Appliance land to construct and lease back to Network Appliance a 190,000 square foot facility to be delivered sometime in early 2010.

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