Sunnyvale approves first phase of new Peery Park office campus
Silicon Valley Business Journal:
Sunnyvale recently approved the first phase of Simeon Commercial Properties’ new office and research project on West Maude Avenue, in the Peery Park development area.
The City Council voted 6-0 to approve a 33,731-square-foot office and R&D facility at 684 W. Maude Ave., the Mercury News reported. The four-story building will replace an existing one-story building on the property.
The developer hopes to attract a tech tenant, although it’s not in serious talks with a specific company, a representative from San Francisco-based Simeon said at the council meeting, per the Mercury News.
Simeon plans to build another office and R&D building across the street, at 480 N. Pastoria Ave., although city staff said the second phase will have to be redesigned to meet Santa Clara County standards related to land use at Moffett Federal Airfield, the Mercury News reported.
The project is a joint venture between Simeon and Chicago-based Kinship Capital, an active player in Silicon Valley real estate in recent years. The two companies bought the properties — which they collectively refer to as “the Maude Assemblage” in 2013, 2014 and 2015.
“The submarket is considered highly desirable for office and R&D use due to its proximity to major transportation arteries and the corporate headquarters of some of the world’s largest companies,” Kinship said on its website. “The combined properties represent one of the most strategically significant land parcels in Peery Park, which was recently rezoned under the Peery Park Specific Plan for increased density and redevelopment.”
The companies are evaluating redevelopment of the properties as existing leases expire, according to Kinship.