9:30 AM
Cloudera, the global provider of the fastest, easiest, and most secure data management and analytics platform built on Apache Hadoop and the latest open source technologies, has executed a lease for a new global headquarters at 395 Page Mill Road in Palo Alto, California. Terms of the agreement were not disclosed.
“Because of continued steady growth as a company, we need a campus where we can build our future for years to come,” said Steve Hirai, senior director of corporate services at Cloudera. “It was very important for us to remain in Palo Alto, and to gain flexibility to expand as we continue to grow and mature.”
The campus at 395 Page Mill Road became a strategic asset for Cloudera in supporting the company’s long-term expansion plans in the competitive Silicon Valley talent market. The 10-acre, nearly 230,000-square-foot campus features a premium, fully equipped build-out which allows Cloudera to achieve its real estate and human capital goals without incurring much of the capital costs associated with relocation and tenant improvements. Cloudera plans to move into the space in late summer 2017.
“We are thrilled to have secured such an advantageous deal for our long-time client, Cloudera, in perhaps the tightest and most expensive market in the country,” said Ben Stern, a Newmark Cornish & Carey executive managing director representing Cloudera together with Senior Managing Director Jon Cannon. “It was particularly gratifying to help them acquire the right space and at the same time eliminate the risk associated with financing a build-to-suit or substantial tenant improvements.”
Owned by Jay Paul Company since 2006, the building is a Class-A, institutional quality asset originally built by Hewlett-Packard in 2000 for its spin-off Agilent Technologies. Located in the heart of Palo Alto near Caltrain, the property also has its place in Silicon Valley lore as the site of the first corporate office established by William Hewlett and David Packard upon moving HP out of their Palo Alto garage in 1942. Newmark Cornish & Carey’s Phil Mahoney and Howie Dallmar represented Jay Paul Company in the lease transaction.
Mr. Stern and Mr. Cannon will handle potential subletting of the property.
About Newmark Cornish & Carey
A dominant regional real estate force since 1935, Newmark Cornish & Carey has an expansive reach as part of Newmark Grubb Knight Frank, one of the world’s leading commercial real estate advisory firms. Regionally, Newmark Cornish & Carey has more than 280 agents in 13 strategically located offices throughout Northern California, creating a powerful platform from which to deliver superior services locally, while upholding its core values of integrity and knowledge. For further information, visit www.newmarkccarey.com. Newmark Cornish & Carey is part of Newmark Grubb Knight Frank. For further information, visit www.ngkf.com.