Google, Inc. (NASDAQ: GOOG) has signed a long-term office lease at the former Mayfield Mall in Mountain View, California with the property’s owners, a joint venture between Rockwood Capital, LLC and Four Corners Properties, LLC. The renovation to transform the property into a premier Class “A” Silicon Valley office campus has begun, with completion anticipated in 2014. The campus, located at 100 Mayfield Avenue, will consist of over 500,000 square feet of office space on 27.6 acres. This is the largest lease signed in Silicon Valley this year.
“The repurposing of the former Mayfield Mall will incorporate the property’s historic architectural elements and will utilize green building techniques, modern design, and advanced building technology.”
The property was originally constructed in 1966 as the Mayfield Mall, which was the first enclosed air-conditioned shopping mall in northern California. The Mayfield Mall was occupied by businesses including J.C. Penney, Wells Fargo Bank, the Mayfair Market grocery store, many smaller local shops, and a Greyhound bus terminal. The renovated buildings will incorporate historic elements from the property’s previous retail use into a modern state-of-the-art office campus. Among its features will be dramatic multi-story sky-lit atriums, LEED green building certification, outdoor congregation and amenity areas, gyms, abundant bike storage, and recycled outdoor furniture constructed from existing trees on the property. The campus is located in the heart of Silicon Valley in a mixed-use area with shops, restaurants, housing, and a planned hotel nearby. It is adjacent to the San Antonio Caltrain station, a 50-minute train ride to downtown San Francisco.
“The renovation of the Mayfield Mall into a premier office campus will be a catalyst for the transformation of an evolving mixed-use urban location that benefits from rail,” said Jason Oberman, Vice President, at Rockwood Capital. “The repurposing of the former Mayfield Mall will incorporate the property’s historic architectural elements and will utilize green building techniques, modern design, and advanced building technology.”
Bruce Burkard, Founding Partner at Four Corners Properties, said, “We are very excited to have signed a lease with Google to create a leading-edge office campus for such an innovative company.”
Kevin Cunningham and Jack Troedson of Cornish & Carey Commercial Newmark represented the landlord. Steve Berkman, real estate partner at Paul Hastings, represented the landlord in the lease negotiation.
Note: Historical photos, interior photos, and artist renderings of the property are available for download at: http://ologroup.com/mayfieldmall/
About Rockwood Capital, LLC
Rockwood Capital, LLC is a real estate investment firm that provides equity capital combined with real estate expertise for repositioning, recapitalization, development and redevelopment of retail, hotel, residential, office and research and development space in key markets throughout the United States. Since 1990, Rockwood and its principals have invested on behalf of their clients approximately $14.6 billion of real estate through nine value-add vehicles and three separate accounts. Rockwood has offices in San Francisco, CA, White Plains, NY, and Los Angeles, CA, and manages a portfolio of approximately $2.9 billion of net equity value in approximately $7.0 billion of gross real estate value. Rockwood’s investors include public and private pension funds, endowments, foundations, insurance companies, fund of funds, high net worth individuals, and family offices.
About Four Corners Properties
Four Corners Properties is a privately held, full service real estate development, investment and operating company with offices in San Francisco and Silicon Valley. FCP focuses primarily on value-add, urban infill opportunities of commercial properties within Northern California. Since its inception in 2005, FCP has completed the acquisition of 29 buildings totaling over 2.7 million square feet of office and R&D space, representing a total investment of approximately $600 million.
About Cornish & Carey Commercial Newmark
A dominant regional real estate force since 1935, Cornish & Carey Commercial Newmark has an expansive reach as part of one of the largest commercial real estate service firms in the U.S. Regionally, Cornish & Carey Commercial Newmark has more than 310 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.ccareynkf.com.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) is one of the world’s leading commercial real estate advisory firms. Together with its affiliates and London-based partner Knight Frank, NGKF employs more than 11,000 professionals, operating from more than 340 offices in established and emerging property markets on five continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. Its integrated services platform includes leasing advisory, global corporate services, investment sales and capital markets, consulting, program and project management, property and facilities management, and valuation services. A major force in the real estate marketplace, NGKF serves the local and global property requirements of tenants, landlords, investors and developers worldwide. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.