Apple’s Sunnyvale plan goes beyond Town Center
Silicon Valley/San Jose Business Journal, 2/9/2012
Apple Inc.'s Sunnyvale land grab is apparently bigger than the move announced Wednesday into a 156,000-square-foot office building in the Sunnyvale Town Center.
It even goes beyond the recently announced five-year lease for 224,000 square feet in the Sunnyvale Research Center on East Arques Avenue and the 108,712 square feet that Apple also took in a two-building campus on Benecia Avenue last September.
All told, the company has gobbled up nearly 500,000 square feet in Sunnyvale in the past six months alone.
But now the Business Journal has been told by industry insiders that Apple is eyeing another 650,000 square feet in office/R&D space in Sunnyvale over three other locations, including part of Central Research Park on Hermosa Court.
If the 650,000 square feet of deals is indeed signed, then Apple will have effectively claimed more than 1.1 million square feet in Sunnyvale in a matter of months.
Kalil Jenab, a partner in Cassidy Turley's Palo Alto office, said Apple's recent blitz of activity could bring Sunnyvale's overall vacancy down to single digits.
"That's when rents start taking off and bumping up," he said. "And there are probably other things they're (Apple) working on that we don't even know about."
At the end of 2011, Jenab said Sunnyvale's office/research and development vacancy stood at about 13.9 percent, with most of that being R&D product.