Johnson & Johnson has leased a 91,900-square-foot office building, expanding its robotics campus in Santa Clara.
The New Jersey-based biopharma and medical technology firm leased the offices in the city’s Stadium Tech Center at 5480 Great America Parkway, the Silicon Valley Business Journal reported. Terms of the deal were not disclosed.
The new lease marks an expansion of Johnson & Johnson MedTech’s robotics campus, according to an unidentified spokesperson.
The Stadium Tech Center includes such tenants as Johnson & Johnson, Cloudera and Dell.
Johnson & Johnson will take up the three-story building next to its office at 5490 Great America Parkway.
Beyond the robotics campus, Johnson & Johnson has another Santa Clara site for its cardiovascular business, Shockwave Medical, according to the Business Journal.
The recent lease was among the top Silicon Valley transactions in the third quarter, according to Savills, which said Silicon Valley leasing activity was up from the second quarter and on par with what it was a year ago
“There is now cautious optimism that office space demand could be back,” the Savills report stated.
Office vacancy across Silicon Valley rose to a record 22 percent in the third quarter ending in September, SiliconValley.com reported, citing figures from JLL.
“Leasing activity in Silicon Valley is up 21.6 percent from the previous quarter,” JLL reported in its assessment of the office market. “The San Jose Airport and Santa Clara submarkets led the activity, accounting for 22.7 percent and 18.2 percent of deals, respectively.”
Last month, South Bay Development picked up a seven-building office campus in Santa Clara for $51 million — nearly $100 million less than it traded for four years ago. The deal works out to $124 per square foot, resetting the value of South Bay offices.
— Dana Bartholomew
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