Facebook Adds to Stanford Research Park Leasehold

Great article. BTW-California rates are quoted on a montly per sqft number. The $1.25NNN quoted is actually $15NNN.

SAN FRANCISCO-Facebook has nearly tripled its leasehold at Stanford Research Park. Fourteen months after leasing 137,000 square feet at 1601 California the online social networking site has committed to subleasing from Beckman Coulter an additional 265,000 square feet in three buildings at 1050 Page Mill Rd., according to a recent post on squarefootblog.com.
The sublease from the medical diagnostics firm consists of 135,000 square feet of space in a two-story R&D building, 43,000 square feet in another and 86,000 square feet of single-story warehouse space, according to the posting. The Palo Alto office of CBRE had the leasing assignment.

The company moved to 1601 California earlier this year after outgrowing several buildings in downtown Palo Alto.

At the time, a company source tells Globest.com the company--which planned to grow from 600 employees to 1,000 by year’s end--may ultimately decide to maintain some Downtown office space to cover any overflow. “While the new building is large enough to hold all of our current employees, it may not be adequate to keep all of us together until we find a permanent headquarters,” said a company spokesperson. “To prepare for this contingency, we expect to retain some of our current space in downtown Palo Alto as well.”
Instead of continuing to occupy some of its Downtown space, the company decided to lease additional space near 1601 California, a former Hewlett-Packard building that later housed HP-spinoff Agilent. The property is slated for eventual conversion to housing under a 2005 agreement between the city and Stanford University. A leasing flyer for the building said it could be leased through mid-2013. The asking lease rate was $1.25 per sf per month, NNN.

Stanford Research Park is a 700-acre, 10-million-sf development on land owned by Stanford University. The park is home to 162 buildings housing approximately 150 companies predominantly scientific, technical and research oriented.