"The property is a 14.5-acre site for which real estate firm BXP had received the city's go-ahead to develop a two-building office totaling 676,300 square feet. Each building totals 338,155 square feet, according to Santa Clara city planning records. BXP never constructed the project. The site is currently bulldozed. Earlier this year, SummerHill Homes filed very preliminary plans to build housing on the site. However, the only project that's received final city approval is the office campus."
"The Palo Alto Networks affiliate bought the property through an all-cash deal, county real estate files show. The tech company appears to have acquired the site at a favorable price. The site's assessed value in January 2025 was $89.1 million. The cybersecurity company's headquarters are at 3000 Tannery Way, which is adjacent to the site the company has just bought."
"The development site for the proposed office campus could be large enough to accommodate roughly 2,700 to 3,400 workers if the buildings are fully occupied. The vision for the campus shows two identical office buildings, each eight stories high, that would be connected by bridges on two levels, city planning documents show. The office complex would also include multiple large open spaces and gathering areas, according to the planning files"
Palo Alto Networks paid $90 million in cash for a 14.5-acre development site at 3625 Peterson Way in Santa Clara, directly across from its headquarters. The site held city approvals for a two-building office campus totaling 676,300 square feet that BXP had received but never built. The property is bulldozed and had an assessed value of $89.1 million in January 2025. SummerHill Homes filed preliminary housing plans earlier this year, but the only final city approval remains the office campus. The proposed campus could house roughly 2,700 to 3,400 workers in two eight-story buildings connected by bridges and featuring open gathering spaces.
Read at www.mercurynews.com
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