Zscaler has inked an agreement to take roughly 301,000 square feet from Airbnb through a sublease at a two-building property in Santa Clara.

Zscaler announced the news in a filing with the U.S. Securities and Exchange Commission. The total base rent for the properties located at 4301 and 4401 Great America Parkway is roughly $69.5 million. The cloud security firm is responsible for operating expenses and related costs, from the date the sublease first takes effect on September 1, 2026, through April 30, 2032, as per the terms of the agreement.

Sobrato Real Estate serves as the landlord of 4301 and 4401 Great America. One building spans 150,128 square feet, while the other takes up 151,035 square feet of space, according to a document posted by LoopNet. So effectively, Zscaler will occupy the full property.

Originally, Airbnb signed a lease to occupy the space at the two buildings in December 2019. However, The Real Deal reported that the short-term rental firm never moved in and put it up for sublease in 2022, as the company has allowed its employees to work remotely — lessening the need for office space.

Some features at 4301 and 4401 Great America include 10-inch ceiling heights, 32-inch column spacing, two loading docks in each building and over 900 parking spaces. Amenities include a fitness center, locker rooms and cafeterias.

Recently, office properties in Silicon Valley have been trading at hefty discounts, as highlighted in reporting from GlobeSt. This includes Four Corners Properties scooping up a two-building campus in Santa Clara for about $21 million, representing a 75% discount off its last assessed value. Also, PSAI Realty Partners paid $54 million to acquire the three-tower office tower, Pruneyard, in the city of Campbell. That’s 62% less than the $142 million that Oaktree Capital Partners and Ellis Partners paid six years ago.

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