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Cortina Systems’ Sunnyvale Deal

December 21, 2009

Tweet Back in the summer Wrightwood Capital foreclosed on Bordeaux Centre, the 2-building ~124,000 SF newly constructed project in Moffett Park. Since taking it back, they’ve leased one of the buildings to Cortina Systems. Last week we blogged about the Moffett Towers deal signed with Rambus. Since then, we’ve received some comments on the post, as […]

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Moffett Towers Lands Rambus For 125K SF

December 18, 2009

Tweet It took a few years, but Moffett Towers has landed a tenant (ht Phil). Rambus (RMBS: 11.54 -3.51%) has become the guinea pig.  It signed a lease for 125,000 square feet on December 15th. The 10-year term begins around July 2010 once its tenant improvements are completed. The space will be delivered turnkey. They […]

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CRE Dominoes: FDIC Takes Over Three California Banks

October 30, 2009

Tweet The FDIC has shut down three California banks: Pacific National Bank, California National Bank, and San Diego National Bank. The three banks all were invested heavily in commercial real estate. Pacific National, as it was mentioned in The Registry article as being a lender on Moffett Towers (phase 2), was also involved in other […]

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Morgan Stanley to Take Hit on Crescent

October 14, 2009

Tweet Morgan Stanley was one of the most aggressive investors during this last boom cycle. Their activities included the acquisition of the EOP San Francisco portfolio for some $2.5B, and the August 2007 purchase of Crescent Real Estate Equities for $6.5B (if you include the debt), and other smaller deals such as providing the debt […]

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Silicon Valley Rent, Vacancy, and Unemployment

March 24, 2009

Tweet I was reading an article yesterday in the Mercury News about Silicon Valley rents that peaked my interest. Another broker who is often quoted, indicated that his expectation was generally that Silicon Valley wouldn’t see vacancy rates like those we saw in 2002, in which some submarkets experienced vacancy rates of 30%: ‘We don’t […]

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Bill Halford of Bixby Land Company: Wait

January 8, 2009

Tweet There was a business journal article the other day discussing how tenants and buyers stand to gain from the slowdown in commercial real estate. The full article is here (although the article doesn’t really tell us anything interesting or new but I suppose it is something to write about in the absence of other […]

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

October 24, 2008

Tweet 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 […]

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Moffett Towers Might Finally Be Getting a Tenant

September 22, 2008

Tweet Things haven’t gone as planned for the Moffett Towers project in Sunnyvale. Since being substantially completed in late 2007, the 1.8 million square foot (when all completed) project has sat empty waiting for a tenant. The landlord reduced rental rates from $3.25 NNN to $2.95 NNN some time ago, and still has no big deals to announce. […]

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Shorenstein Buys Mezzanine Debt on McCandless Towers

July 3, 2008

Tweet Shorenstein has acquired a $51.1M mezzanine loan collateralized by McCandless Towers in Santa Clara. Globe St. is reporting that the the debt was acquired at a discount. McCandless Towers was purchased by Tishman Speyer last July at a cost of $500 PSF ($213M), representing a 4.5% cap rate. McCandless Towers features two 11-story, 210,000 […]

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Blue Coat Systems Signs 233K Square Feet Lease in Sunnyvale

July 2, 2008

Tweet Blue Coat Systems (NASDAQ: BCSI) has extended its lease at 420 Mary Avenue in Sunnyvale. In addition, Blue Coat signed a lease to take an additional 116,586 square feet at 410 Mary Avenue. The buildings are 3-story Class B+ Office/R&D buildings owned and developed by Jay Paul Company out of San Francisco, the same […]

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