Sunnyvale Campus - Credit: Jeff Peters Photography
<p><strong><span class="legendSpanClass"><span class="xn-location">SUNNYVALE</span></span> </strong>&#8212; Real estate firm <span class="xn-person">Tishman Speyer</span> announced the sale of the former NetApp headquarters campus in <span class="xn-location">California</span> to CommonWealth Partners, a national commercial real estate developer, investor and operator. The property sold for a reported $707 million.</p>
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<p><span class="xn-person">Tishman Speyer</span> acquired the campus, located on Crossman Drive in the desirable Moffett Park neighborhood, from NetApp in <span class="xn-chron">April 2021</span> for <span class="xn-money">$356 million</span>. Just seven months later, the company leased the entire property to Meta, the year&#8217;s largest new private sector office lease in the U.S. Meta&#8217;s 719,037 square foot lease includes four modern office buildings, two parking structures, and ample outdoor recreational space.</p>
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<p>This acquisition brings CommonWealth Partners&#8217; holdings in the Moffett Park/<span class="xn-location">Sunnyvale</span> market to over 1.25 million square feet of LEED Gold/Platinum Trophy office space. Established in <span class="xn-location">California</span> in 1995, CommonWealth Partners has a long history of ownership in Silicon Valley and strong local ties in the market, as illustrated by its recently executed lease renewal of international law firm Wilson Sonsini Goodrich &; Rosati at 650 Page Mill Road in <span class="xn-location">Palo Alto</span>.</p>
<p>Tishman Speyer CEO Rob Speyer said, &#8220;<span class="xn-location">Sunnyvale</span> is a great success story. We are pleased that CommonWealth Partners has agreed to buy the campus, now fully leased to Meta. The sale and the lease demonstrate that Silicon Valley remains a global center of innovation. Moreover, this deal demonstrates that the market for highly collaborative, well-designed office space with accessible green space and top-level amenities is still strong.&#8221;</p>
<p>The Sunnyvale campus features an array of modern amenities, including a gym with basketball court, lockers, showers, outdoor volleyball court, executive briefing center, a full-service cafeteria, multiple kitchens, break centers, phone rooms and other common areas.</p>
<p>&#8220;This was a compelling investment for CommonWealth Partners, increasing our presence in this strategic, high growth submarket of Silicon Valley to more than a million square-feet in the Moffett/<span class="xn-location">Sunnyvale</span> area,&#8221; said <span class="xn-person">Brett Munger</span>, CEO and Managing Partner of CommonWealth Partners. &#8220;The acquisition of a top-quality asset in this dynamic submarket that has become a hotbed for expansion by Google, Amazon, Meta and other high credit tech companies diversifies our portfolio&#8217;s tenant mix and reinforces our commitment to being a leading provider of high-quality office space in the region.&#8221;</p>
<p>Tishman Speyer Senior Managing Director <span class="xn-person">Carl Shannon</span> added, &#8220;During a period of significant uncertainty, we seized on a rare opportunity to purchase and reposition an emptying office campus in one of the world&#8217;s foremost technology and innovation hubs. 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&#8217;s time.&#8221;</p>
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