Twitter favorites @Sunnyvale with new office lease
Sunnyvale, you have a new follower: Twitter.
Twitter Inc. has signed for an 8,000-square-foot space at 400 West California Ave., part of Sunnyvale Business Park and just a skip away from the Sunnyvale Caltrain Station.
The deal is small but notable as the San Francisco-based social media phenomenon's first foothold in the South Bay, said Dave Sandlin, a senior vice president with Colliers International. Sandlin represented the landlord, Principal Real Estate Investors, along with colleagues Susan Gregory and Kevin Moul.
Twitter made waves in 2011 when it moved its headquarters to the old San Francisco Mart building in the city's Mid-Market district, touching off a transformation of the gritty area that continues today. That lease was signed after Twitter asked the city for (and received) tax breaks to keep its corporate home in San Francisco.
But San Francisco-based companies are increasingly finding they need to have a presence in the South Bay to ensure they're tapping the broadest possible talent pool in the South Bay, Sandlin said.
"There's no question people love being up in the city," Sandlin told me. "Then again, in Silicon Valley you have so much expertise down here as well."
Sandlin said a key attraction point for Twitter was proximity to Caltrain, which has a station less than a mile away. Ability to expand was also important.
Sunnyvale Business Park, which is managed by Legacy Partners, has seen increased activity lately as tenants find space scarce in northern markets such as Palo Alto and Mountain View, but still want the transit access, Sandlin said.
Terms of the deal were not disclosed. Asking rent at existing space at Sunnyvale Business Park is $3.25 per square foot triple net. Asking rent on a new, 107,000-square-foot building that is currently under construction is $3.50.
Nathan Donato-Weinstein covers commercial real estate and
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