Cushman & Wakefield Advises TIBCO Software in Biggest Sale in Palo Alto History

Stanford Research Park Campus Sells for Record Price Cushman & Wakefield's San Francisco offices recently announced that it closed on the sale-leaseback of a 292,000-square foot office / R&D campus located at 3301-3307 Hillview Avenue in Palo Alto’s Stanford Research Park. Morgan Stanley’s Prime Property Fund purchased the property in what was the largest sale transaction in Palo Alto history. Universally recognized as the birthplace of Silicon Valley, Stanford Research maintains a world-renowned reputation for an unparalleled tenant base including the most innovative technology companies as well as many of the top law and financial services firms. TIBCO Software Cushman & Wakefield marketed the property on behalf of TIBCO Software Inc., a global leader in infrastructure and business intelligence software.  Simultaneously with the closing of the sale, TIBCO signed a long term leaseback agreement with the new owner. As a definite sign of the times, the record price paid illustrates [...]

Facebook Likes Menlo Park

By Sethena Leiker Data Center Specialist Senior Analyst – Specialty Practice Groups Research Growing Like Geng Busters Facebook’s humble beginnings are similar to many Silicon Valley startups.  The company's very first offices were located in a modest 3,000-sf class B office space on Geng Road in East Palo Alto. With a robust network of venture capitalists and a deep talent pool stocked with Stanford graduates, Palo Alto was an ideal trophy location to maximize success potential. Doubling Down For years, the city of Palo Alto has enjoyed a reputation for nurturing young companies such as Google, Pinterest, Intuit and many others, and subsequently watching them take an accelerated rate of growth just outside its city limits. And Facebook did just that. After growing to 500,000 sf in Palo Alto, Facebook doubled down in Menlo Park in February of 2011, through a 1,022,000-sf acquisition of the Sun-Oracle campus for $81M. The very [...]

Ellis Partners Appoints C&W’s Silicon Valley Office to Lease 101 Tech

  101 Tech & Ellis Partners Ellis Partners, one of the Bay Area’s most experienced developers recently appointed Cushman & Wakefield as the leasing agent for its 961,000 square-foot campus, 101 Tech, along Orchard Parkway in North San Jose. Cushman & Wakefield’s listing team is comprised of seasoned and talented brokers. Leading all leasing activities are Jeff Cushman, Jim McPhee, Michael McMillan and Scott Dever. 101 Tech’s existing 296,000 SF newly renovated Class A office/R&D building boasts efficient floor plates and robust infrastructure for extraordinary cost savings.  It is also fully-entitled for an additional 665,000 square feet within three proposed Class A office buildings that have unparalleled freeway visibility from Highways 101 and 87.   101 Tech Video: Now Live on YouTube and Vimeo “Across the Bay Area, Ellis Partners has enjoyed great success with Cushman & Wakefield in leasing several of its Bay Area assets. Now that we’ve completed the renovation [...]

Silicon Valley 3rd Quarter Market Office Beat

October 1, 2014 by Sethena Leiker Senior Analyst, Silicon Valley Economic Overview The Silicon Valley benefited from steady employment gains through the third quarter, further strengthening the local economy. The tech sector continued to fuel the local expanding employment base by adding 10,700 jobs over the last year, 2,100 added during the third quarter according to Moody’s Analytics. The manufacturing industry added jobs, albeit at a much slower clip: the employment base expanded by 2.7% over the last year, representing 4,200 new jobs. New Development Secures Largest Leases The Silicon Valley industrial market is advancing on all fronts. Leasing activity was strong through the first three quarters, with a total of 10.3 million square feet (msf) leased, 23.2% more than a year ago and if the current momentum is carried through the fourth quarter, leasing figures are poised to be the highest since 2007. Demand for high tech space is on par with the third quarter of last year at 5.4 msf [...]

C&W Report: Best Labor Market Since 1999

by Ken McCarthy Senior Managing Director Economic Analysis and Forecasting January 25, 2015 Best U.S. Labor Market Since 1999 The U.S. economy added 252,000 jobs in December 2014, capping the best year for the U.S. labor market since 1999. In sectors that tend to influence commercial real estate, employment growth was generally healthy. Office-using employment increased by 64,000 jobs. The unemployment rate fell to 5.6%, its lowest level since June 2008, and the underemployment rate (including discouraged and part time workers) declined to 11.2%, also its lowest level in more than five years. Despite the apparent tightening of the job market, average hourly earnings fell 0.2% ($0.05) in December, the first decline in more than three years. Job Growth The U.S. economy continued to add jobs at a robust pace in December as non-farm payroll employment increased by 252,000 jobs. The strength of labor markets was reinforced by an upward revision [...]

C&W Northern California Headquarters: Minimalism Meets Modernism

425 Market Street: Floor 23 Cushman & Wakefield's Northern California headquarters are located in the epicenter of the Financial District at 425 Market Street, Suite 2300 in San Francisco. Within convenient proximity to SOMA, Union Square, The Transbay Transit Center and Salesforce Tower, we are situated next door to 50 Fremont Street, approximately seven blocks from the iconic Transamerica Pyramid and walking distance to the San Francisco Ferry Building. Design Winner 2014: Minimalism Meets Modernism The 27,000-square-foot state-of-the-art office, designed by Gensler and constructed by BCCI Builders, won the 2014 Interior Design Best of Year Awards. According to JD Lumpkin, Managing Principal, “As advisors to some of the Bay Area’s most notable technology, finance, professional services and other companies, we have created a workspace designed around our commitment to communication and collaboration. We’re extremely proud of our work environment, which is just the latest component of our ongoing efforts to develop solutions [...]