According to a report from the San Francisco Business Times, Snowflake, a cloud-based data storage company, has signed the largest office lease in the Bay Area since the start of the pandemic. The company will be subleasing 772,983 square feet from Meta at a four-building Menlo Park campus located at 125-135 Constitution Dr. and 100-150 Independence Dr. The lease is set to run through 2033.
The Menlo Gateway project where Snowflake’s new complex is located is owned by Bohannon Companies. In addition, Brookfield Asset Management acquired a minority stake in this project in 2022.
Snowflake currently leases another space of approximately 200,000 square feet in San Mateo but moved its headquarters to Bozeman,Montana just one year after its IPO back in2020 as reported by Business Times.The company has been consolidating operations withinthe Bay Area more recently.
Warrick Taylor,Vice President of workplace and real estateat Snowflake,stated that “The Menlo Park office provides us with ample room for growth while also offering our employees an exceptional work environment.Snowflake has experienced unprecedented growth,and our new campus will accommodate this continued expansion for years to come.” This statement was made during an interview with Business Timesby WarrickTaylor who holds responsibility over workplaceand real estate matters atSnowflakesince it first opened up shop.
In summary,Snowflakewillbe occupyinga significant portionoftheMenloGatewayprojectinMenloParkthroughasubleasefromMeta.ThisdealisthebiggestofficelaseinthecitysinceCOVID19hit.Itisreportedthatthespacewillbesubleaseduntil2033.ThedevelopmentwhereSnowflakewilloperateisownedbyBohannonCompanies.BrookfieldAssetManagementhasrecentlyacquiredaminoritystakeinthisproject.InadditiontotheirnewlocationinMenloPark,Snowflakealsohasa200,000squarefootleaseinSanMateo.However,thecompany’sheadquartershavebeenmovedtoBozeman,Montanafollowingtheir2020IPO.Snowflakeiscontinuingtogrowandexpand,andtheamazingnewcampuswillaccommodatethisgrowthfortheyearsaheadaccordingtoWarrickTaylor,VicePresidentofworkplaceandrealestateatSnowflake.
