Former NetApp Headquarters Sold

<p><strong><span class&equals;"legendSpanClass"><span class&equals;"xn-location">SUNNYVALE<&sol;span><&sol;span> <&sol;strong>&&num;8212&semi; Real estate firm <span class&equals;"xn-person">Tishman Speyer<&sol;span> announced the sale of the former NetApp headquarters campus in <span class&equals;"xn-location">California<&sol;span> to CommonWealth Partners&comma; a national commercial real estate developer&comma; investor and operator&period; The property sold for a reported &dollar;707 million&period;<&sol;p>&NewLine;<div class&equals;"col-sm-10 col-sm-offset-1">&NewLine;<p><span class&equals;"xn-person">Tishman Speyer<&sol;span> acquired the campus&comma; located on Crossman Drive in the desirable Moffett Park neighborhood&comma; from NetApp in <span class&equals;"xn-chron">April 2021<&sol;span> for <span class&equals;"xn-money">&dollar;356 million<&sol;span>&period; Just seven months later&comma; the company leased the entire property to Meta&comma; the year&&num;8217&semi;s largest new private sector office lease in the U&period;S&period; Meta&&num;8217&semi;s 719&comma;037 square foot lease includes four modern office buildings&comma; two parking structures&comma; and ample outdoor recreational space&period;<&sol;p>&NewLine;<&sol;div>&NewLine;<div class&equals;"col-sm-10 col-sm-offset-1">&NewLine;<p>This acquisition brings CommonWealth Partners&&num;8217&semi; holdings in the Moffett Park&sol;<span class&equals;"xn-location">Sunnyvale<&sol;span> market to over 1&period;25 million square feet of LEED Gold&sol;Platinum Trophy office space&period; Established in <span class&equals;"xn-location">California<&sol;span> in 1995&comma; CommonWealth Partners has a long history of ownership in Silicon Valley and strong local ties in the market&comma; as illustrated by its recently executed lease renewal of international law firm Wilson Sonsini Goodrich &amp&semi; Rosati at 650 Page Mill Road in <span class&equals;"xn-location">Palo Alto<&sol;span>&period;<&sol;p>&NewLine;<p>Tishman Speyer CEO Rob Speyer said&comma; &&num;8220&semi;<span class&equals;"xn-location">Sunnyvale<&sol;span> is a great success story&period; We are pleased that CommonWealth Partners has agreed to buy the campus&comma; now fully leased to Meta&period; The sale and the lease demonstrate that Silicon Valley remains a global center of innovation&period; Moreover&comma; this deal demonstrates that the market for highly collaborative&comma; well-designed office space with accessible green space and top-level amenities is still strong&period;&&num;8221&semi;<&sol;p>&NewLine;<p>The Sunnyvale campus features an array of modern amenities&comma; including a gym with basketball court&comma; lockers&comma; showers&comma; outdoor volleyball court&comma; executive briefing center&comma; a full-service cafeteria&comma; multiple kitchens&comma; break centers&comma; phone rooms and other common areas&period;<&sol;p>&NewLine;<p>&&num;8220&semi;This was a compelling investment for CommonWealth Partners&comma; increasing our presence in this strategic&comma; high growth submarket of Silicon Valley to more than a million square-feet in the Moffett&sol;<span class&equals;"xn-location">Sunnyvale<&sol;span> area&comma;&&num;8221&semi; said <span class&equals;"xn-person">Brett Munger<&sol;span>&comma; CEO and Managing Partner of CommonWealth Partners&period; &&num;8220&semi;The acquisition of a top-quality asset in this dynamic submarket that has become a hotbed for expansion by Google&comma; Amazon&comma; Meta and other high credit tech companies diversifies our portfolio&&num;8217&semi;s tenant mix and reinforces our commitment to being a leading provider of high-quality office space in the region&period;&&num;8221&semi;<&sol;p>&NewLine;<p>Tishman Speyer Senior Managing Director <span class&equals;"xn-person">Carl Shannon<&sol;span> added&comma; &&num;8220&semi;During a period of significant uncertainty&comma; we seized on a rare opportunity to purchase and reposition an emptying office campus in one of the world&&num;8217&semi;s foremost technology and innovation hubs&period; We are grateful to our co-investors for their confidence in us – and to reward that faith with an outstanding return in just over one year&&num;8217&semi;s time&period;&&num;8221&semi;<&sol;p>&NewLine;<&sol;div>&NewLine;