A Mystery Tech Company Is Set To Take Over An Office Project That's Twice The Size Of Facebook's Cam

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A Mystery Tech Company Is Set To Take Over An Office Project That's Twice The Size Of Facebook's Campus

The project, worth an estimated $700 million, has space for 8,000 to 10,000 employees, and is spread out over 10 seven-story buildings. At 2 million square feet, it's twice the size of Facebook's Menlo Park, Calif., campus (and bigger than Facebook's new proposed headquarters).

Besides developer Peery-Arrillaga — which has also built campuses for companies such as Apple and Hewlett-Packard — San Jose's mayor, Chuck Reed, knows who the company is. He's keeping mum, but did confirm to the San Jose Mercury News that the company is in the tech sector.

"I can’t tell you who Company X is, but there is a company behind the Peery-Arrillaga project," Reed told CBS Local. "It's not a spec building, obviously it's a very big company because they're talking about 2 million square feet of office space, which would be the largest deal we've done in San Jose since the Internet boom went bust and one of the largest in the history of the city."

Read more: http://www.businessinsider.com/mystery-tech-company-2014-3

This should take some pressure off of the real estate market in San Francisco. San Jose needs the business.

[Downwinder]

1. NSA?

[OilemFirchen]

2. Mary Kay

[Downwinder]

5. Now that would be appropriate.

Move from Texas to California. Take that Gov. Perry.

[Kurovski]

3. Does this mean more ballet recital and little league photos being posted everywhere?

'Cause that would be...awesome...

[Xithras]

4. Could be Salesforce

They bought a huge chunk of land (something like 15 acres) in SF's Mission Bay a few years back with the intention to build a bunch of office towers on it. That land has absolutely exploded in value since then, and there's been a lot of speculation that they're going to flip it rather than build on it. They paid $250 million for it four or five years ago, and it may be worth more than a billion dollars now. They're supposedly in talks with UCSF right now to sell part of it, another part has been cited as a possible alternate location for the Warriors new arena if the Pier 30 deal falls through, and real estate developers would kill to get their hands on it. It's an extremely valuable piece of land.

The one unanswered question has been about Salesforce's future plans if they don't build on it. The San Jose deal makes sense and the size fits...if they sell their SF land at the higher end of its value, they can get the entire building complex in San Jose AND pocket a few hundred million in profits.

But that's just my guess. It's worth what you paid for it.

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6. That would make sense

I've always associated high-tech with Santa Clara and San Mateo counties, not with San Francisco.

The movement of high-tech into San Francisco is surprising.