The news is especially good for General Electic, which used pension fund money to by an 87% stake in the asset from Tishman Speyer in mid-2007--the top of the market--for approximately $226 million or $613 per square foot, two years after Tishman paid $174 million for the whole thing. That deal represented a one-year capitalization rate of 6.5%, according to local sources at the time.

Heretofore, Juniper's has been leasing the the complex under three separate leases that expire in 2012, 2013, and 2014. The new leases expire in 2020, 2021 and 2022, respectively, according to local industry sources.

While the Wall Street Journal reported this morning that "the total rent under the terms of the lease comes to over $16 million," local sources tell GlobeSt.com that the total rent under the terms of the lease is actually $16 million per year, or somewhere between $128 million and $160 million depending on whether the leases commence immediately or as the current leases expire, making it one of the largest leases in the Silicon Valley this year.

The building addresses are 1184, 1194, and 1220 N. Mathilda Ave. The complex is located near the confluence of US Highway 101 and State Highway 237. It was previously known as Mathilda Business Center. The site could potentially hold an additional 150,000 square feet of office space. Tishman Speyer and Juniper were not immediately available Wednesday for comment.

"I'm not surprised," says one local broker. "With expirations in 2011, 12 and 13, it sounds like GE was being proactive."