"Palo Alto Networks has acquired this property to support future growth at our corporate headquarters in Santa Clara, a spokesperson for the company stated in an email comment. The tech giant paid $90 million for a 14.5-acre site at 3625 Peterson Way, according to documents filed on Dec. 11 with the Santa Clara County Recorder's Office. The site is fully entitled for a large office development where thousands could work."
"BXP, a large real estate firm, had gained city approval for the project but never broke ground on it in the face of a sour office market in the Bay Area. Palo Alto Networks, however, has begun to craft a fresh vision for the just-bought property. We are currently in the early stages of exploring potential uses for the site and do not have a defined timeline or design plans at this time, the Palo Alto Networks spokesperson said."
Palo Alto Networks purchased a 14.5-acre site at 3625 Peterson Way in Santa Clara for $90 million to support future growth of its corporate headquarters. The site sits adjacent to the existing campus at 3000 Tannery Way and is fully entitled for a large office development that could accommodate roughly 2,700 to 3,400 workers if fully occupied. BXP previously obtained approvals but did not build amid a weak Bay Area office market. Palo Alto Networks is exploring potential uses without a defined timeline or design and closed the all-cash acquisition through an affiliate. The site's assessed value in January 2025 was $89.1 million.
Read at www.mercurynews.com
Unable to calculate read time
Collection
[
|
...
]