Silicon Valley Continues to Adapt to a Post-COVID Economy

SAN JOSE—A flurry of activity marked the beginning of the holiday season for Cupertino-based developer Hunter Properties. At a sale price of $275 million, Hunter Properties recently disposed of Phase I of Coleman Highline, a 1.75 million-square-foot mixed-use campus that will total eight office buildings, four amenity buildings, a hotel and retail space. Blackstone Real Estate Income Trust purchased Phase I of the project, comprising two office buildings totaling approximately 360,000 square feet that are fully leased to Roku for its world headquarters, an amenities building and a parking structure. Roku Inc. leased nearly 800,000 square feet of the project for its new corporate headquarters.

Also at Coleman Highline, Hunter Properties signed a construction contract for all of the tenant improvements for Verizon. The contract with Devcon Construction Inc. is anticipated to take 12 months and will allow Verizon to take possession of the property in the fourth quarter of 2021. The Verizon tech hub will support more than 3,000 employees and include a 2,250-square-foot welcome pavilion and more than 45,000 square feet of workplace amenities such as a fitness center, a cafe and a marketplace.