Yahoo's headquarters were once located at 701 First Ave. in Sunnyvale (Photo credit: siliconvalley.com).
SUNNYVALE, CA – Google's purchase of nine addresses in two separate transactions equates to 1.2 million square feet of buildings and land that were once Yahoo! in Moffett Park, according to records filed with the Santa Clara County Recorder Office. The $ 1 billion real estate was bought by Verizon in connection with the Yahoo! and had served Verizon Media as a home.
The campus consists of land and improvements with office buildings with a total area of around 940,000 square meters as well as a development site with the aim of building a further 340,000 square meters. Verizon Communications Inc. acquired the properties on First Avenue, Java Drive, Bordeaux Drive, and North Mathilda Avenue as part of the Yahoo! The Yahoo! was once located at 701 First Ave.
At one time, the South Bay portfolio of Yahoo! huge and was devoured in the first dotcom era. Yahoo! sold its 50-acre Santa Clara office park to Chinese technology company LeEco for $ 250 million just prior to its takeover by Verizon.
Prior to this transaction, Google had already spent an additional $ 1 billion on real estate in Moffett Park. It has a campus in Tech Corners and spent $ 160.3 million last year on an office complex with four buildings nearby. There is currently no word on Google's plans for any of these properties.
Verizon reportedly plans to move 2,400 employees from its Sunnyvale offices to the Coleman Highline development in San Jose.
CBRE helped broker the business. Holland & Knight law firm represented Verizon. The Holland & Knight team was led by partner Richard Eckhard. He was supported by partners Douglas Praw, Nicholas Targ, Tamsen Plume, Tara Kaushik, Susan Booth and Robert Labate as well as employees Ashley Nance and Erin Kansy.