Facebook parent grabs another 1M sf in Bay Area
Deal `believed to be single largest private-sector office lease in the U.S. this year,' says Tishman Speyer
UPDATED Dec. 1, 2021, 6:40 p.m.: Facebook parent Meta said Wednesday it signed more than 1 million square feet of new leases in the Bay Area to reduce worker commute times.
The company has leased new space in Burlingame and Sunnyvale, spokesperson Chloe Meyere said in a statement.
“These offices will help support our employees’ evolving workforce needs and help make progress on our company’s net-zero carbon emission goal by reducing commute times and supporting local public transit infrastructure,’’ Meyere said in the statement.
People with knowledge of the deals who asked not to be named told The Real Deal that Meta leased more than 700,000 square feet in four Class A offices at 1275-1395 Crossman Avenue in Sunnyvale and almost 520,000 square feet over two existing buildings and one planned structure at 555, 567, and 577 Airport Boulevard in Burlingame.
The company didn’t disclose the locations and size of the new offices in its statement.
Meta’s lease of the four Crossman Avenue buildings, dubbed Moffett Green by owner Tishman Speyer and listing broker Newmark, is believed to be the single largest private-sector office lease in the U.S. this year, according to Tishman Speyer. It follows Apple’s lease of about 700,000 square feet in Sunnyvale earlier this year and underscores the city’s status as Silicon Valley’s preeminent office market.
The company’s lease in Burlingame adds to its existing footprint in the Peninsula city; its Oculus division pre-leased 767,000 square feet across four buildings there in 2018.
Update: Adds Tishman-Speyer’s statement that it is the single-largest private-sector office lease in the U.S. this year.