Key Takeaways
- • Google acquired nine addresses in Moffett Park, representing 1.2 million square feet of former Yahoo! property, for $1 billion in two separate transactions recorded with Santa Clara County.
- • The campus includes approximately 940,000 square feet of existing office buildings plus a development site with entitlements for an additional 340,000 square feet of new construction.
- • Verizon Communications acquired these properties as part of its $4.48 billion purchase of Yahoo! in 2017 and had operated them as Verizon Media facilities before the sale to Google.
- • Google's total real estate investment in Moffett Park now exceeds $2 billion, including this $1 billion transaction and a prior $160.3 million acquisition of a four-building complex, though the company has disclosed no formal plans for the properties.
- • Verizon intends to relocate approximately 2,400 employees from the Sunnyvale offices to the Coleman Highline development in San Jose.
Summary
Google has completed a $1 billion acquisition of nine properties across multiple addresses in Moffett Park, Sunnyvale, according to filings with the Santa Clara County recorder's office. The transaction encompasses 1.2 million square feet of buildings and undeveloped land that trace their ownership lineage through Yahoo! to Verizon Communications. The asset composition includes approximately 940,000 square feet of existing office infrastructure and a development-ready site with approved entitlements for an additional 340,000 square feet of construction.
The properties were originally developed as part of Yahoo!'s extensive South Bay portfolio during the dot-com era. Verizon acquired the campus as a component of its headline $4.48 billion acquisition of Yahoo! completed in 2017. The portfolio spans multiple addresses including First Avenue, Java Drive, Bordeaux Drive, and North Mathilda Avenue, with Yahoo!'s former headquarters located at 701 First Avenue. Following the Verizon acquisition, these properties operated as Verizon Media facilities prior to Google's current purchase.
Google's cumulative real estate positioning in Moffett Park now exceeds $2 billion. Beyond the current transaction, the technology company previously spent $160.3 million on a four-building office complex in the area and maintains existing operations at Tech Corners. Despite the substantial capital deployment, Google has issued no public statement regarding operational plans or intended use of the newly acquired properties.
Verizon, which facilitated the transaction through law firm Holland & Knight led by partner Richard Eckhard, is simultaneously executing a workforce consolidation strategy. The company plans to relocate approximately 2,400 employees from its Sunnyvale offices to the Coleman Highline development in San Jose. CBRE served as the transaction broker.
The properties were originally developed as part of Yahoo!'s extensive South Bay portfolio during the dot-com era. Verizon acquired the campus as a component of its headline $4.48 billion acquisition of Yahoo! completed in 2017. The portfolio spans multiple addresses including First Avenue, Java Drive, Bordeaux Drive, and North Mathilda Avenue, with Yahoo!'s former headquarters located at 701 First Avenue. Following the Verizon acquisition, these properties operated as Verizon Media facilities prior to Google's current purchase.
Google's cumulative real estate positioning in Moffett Park now exceeds $2 billion. Beyond the current transaction, the technology company previously spent $160.3 million on a four-building office complex in the area and maintains existing operations at Tech Corners. Despite the substantial capital deployment, Google has issued no public statement regarding operational plans or intended use of the newly acquired properties.
Verizon, which facilitated the transaction through law firm Holland & Knight led by partner Richard Eckhard, is simultaneously executing a workforce consolidation strategy. The company plans to relocate approximately 2,400 employees from its Sunnyvale offices to the Coleman Highline development in San Jose. CBRE served as the transaction broker.
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