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Nortel Fire Sale to Nokia, Avaya, Siemens

April 10, 2009

Tweet Santa Clara’s Nortel Networks (NT: 0.00 N/A) has received bids for some of its different business units. A JV of Nokia/Siemens is after its wireless unit, and Siemens and Avaya are after its corporate networks. If these two sales go through, Nortel will presumabely survive, though it will be a much smaller company.

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Agilent To Cut Another 2700 Jobs

March 27, 2009

Tweet Santa Clara-based Agilent Technologies (A: 56.03 -0.46%) announced today that it is making yet another round of cuts. It will be cutting 2700 jobs, which is about 14% of its workforce. The group where the cuts will be made has seen a reported 30% drop in business. In a statement, the CEO also indicated […]

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London Comp Shows 46% 2-Year Decline; Santa Clara Parallel

March 20, 2009

Tweet A WSJ article from a few days ago discussed briefly the resale of an office building in London. New Star UK Property Unit Trust sold its Governors House office building for £70 million to GLL, an asset it acquired two-years ago (July 2007) for £124 million, representing a roughly 46% drop in the asset’s […]

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IBM In Talks To Acquire Sun Microsystems

March 18, 2009

Tweet It’s all over the news, but IBM (IBM: 194.57 -0.62%) is in talks to acquire Santa Clara-based Sun Microsystems (JAVA: 0.00 N/A). Sun has been struggling over the past several years, and has cut back significantly on both workforce and footprint. Locally, Sun occupies some 2,000,000 square feet, split almost equally between the Santa […]

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Weekend Roundup

March 15, 2009

Tweet Los Angeles’ Largest Private Landowner Might Have to File For Bankruptcy Protection [Link] According to the WSJ, Meruelo Maddux Properties is contemplating a bankruptcy filing to help it cope with its debt load. The developer has played a part in a large part of Downtown LA’s revitalization but it has now stopped making interest payments […]

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Nortel Cuts 3200 More; Santa Clara Vacancy At Risk

February 25, 2009

Tweet Nortel Networks (NT: 0.00 N/A), which filed for bankruptcy protection last month, announced today that it will be cutting an additional 3200 jobs (worldwide). The company has a significant presence in Santa Clara and depending on the gravity of the situation, a Nortel bankruptcy has the potential to deliver some 1M square feet of office […]

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Mezz Debt Loses Its Luster

February 18, 2009

Tweet The WSJ has an article focused on the demise of Mezzanine debt in today’s market and the losses being incurred by many investors in such debt. Mezzanine debt was often used as part of an investor’s capital stack over the past few years to leverage up acquisitions to amplify their potential returns. Unfortunately, as values […]

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Yahoo!, Silicon Storage, Marvell, Opvista Layoffs

February 13, 2009

Tweet Layoffs continue in Silicon Valley, and the sentiment amongst valley leaders is that the pace will likely accelerate. In fact, according to a Bay Area Council study which was just released in the past few days, 39% of respondent executives in Santa Clara county indicated job cuts were coming while only 11% anticipated hiring. […]

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As Santa Clara Class A Vacancy Soars EOP Drops Prices at Mission Towers I

February 3, 2009

Tweet Santa Clara’s Mission Towers has just introduced some attractive pricing for its project in an attempt to find a tenant. After sitting on a mostly empty building in the face of a severe economic downturn, and facing a Santa Clara market whose Class A vacancy is set to double as a result of the […]

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NEC, Hitachi Announce Layoffs

January 30, 2009

Tweet NEC and Hitachi have announced cuts in their global workforce totaling 27,000 jobs, with NEC accounting for 20,000 and Hitachi the remaining 7,000. It is unclear how many, if any, of those job cuts will occur at NEC or Hitachi’s Silicon Valley offices, but both have a fairly decent footprint in Silicon Valley. NEC […]

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