SUNNYVALE, CA—The Jay Paul Co. is buying more property in Sunnyvale.
The developer has purchased a 15.67-acre, three-building office complex in Sunnyvale from Arden Realty, according to The Silicon Valley Business Journal. The price was not disclosed.
The complex, near Highway 237 and Crossman Avenue, is fully leased to Medtronic Corp., but the medical device maker currently occupies only one building and has about a year and a half left on its lease.
Brokerage CBRE was marketing the site as a redevelopment opportunity, with the possibility of gaining entitlements to build up to 546,068 square feet of office space, according to a brochure. The existing buildings total about 150,000 square feet.
Joe Moriarity, a senior vice president with CBRE, said the site saw strong interest from a variety of shoppers. The area has been a busy recently as companies such as Microsoft, Lab126, Google, and NetApp have all leased big chunks of space, he said.
The new acquisition increases Jay Paul Co.’s presence in the Moffett submarket. The San Francisco-based company is looking to build six eight-story buildings totaling about 1.7 million square feet in Moffett Park, plus a public right of way to connect N. Mathilda Avenue to Bordeaux Drive. Jay Paul Co. is also behind the highly successful 1.8 million square foot Moffett Towers project office project
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