Walmart’s digital division has recently agreed to sublease a four-building office complex, known as Moffett Green, in Sunnyvale. This deal is expected to have a significant impact on the struggling Silicon Valley office market. The space was previously leased by Meta Platforms but remained unoccupied after Tishman Speyer acquired it for $365 million from NetApp Inc. in 2021.
According to reports from the Silicon Valley Business Journal, Meta’s long-term commitment led to an increase in Moffett Green’s value and it was eventually sold for $707 million by Tishman Speyer to CommonWealth Partners in June 2022.
The sublease arrangement was facilitated by brokers from Colliers and JLL as reported by various sources. It remains unclear how Walmart.com plans on utilizing this space or if they will relocate employees from other locations. The retail giant already occupies two offices within the Bay Area – one in San Bruno and another elsewhere within Sunnyvale.
This news of Walmart.com securing a large office sublease agreement comes via Connect CRE , providing valuable insights into commercial real estate developments across various industries .
