Snap signs sublet in Palo Alto for enough space to employ hundreds
PALO ALTO – Snap has signed an agreement to sublet an office building in Palo Alto for enough space to allow the tech company to employ hundreds of workers.
The camera and social media company has agreed to take office in a building at 395 Page Mill Road, off the Oregon Expressway in Palo Alto, according to public documents filed with the Santa County Recorder’s office. Clara.
Snap has sublet approximately 45,000 square feet in the Page Mill Road building, taking over some of the offices leased by Cloudera, a creator of cloud-based data services.
The three-story building at 395 Page Mill Road is owned by veteran developer Jay Paul Co. and totals approximately 224,900 square feet. Besides Cloudera, Pinterest also takes up space in the building.
Matt Lituchy, chief investment officer of Jay Paul Co., confirmed that Snap has entered into a sublet agreement.
County documents indicated that Snap was undertaking interior improvements to the office space it had agreed to occupy.
In the Bay Area, Snap has an office in Mountain View and one in San Francisco. It wasn’t immediately clear whether Snap would retain the Mountain View office in light of the Palo Alto deal.
Santa Monica-based Snap did not respond to a request for comment on the Palo Alto sublet transaction.
“Palo Alto is where the demand for office space starts in Silicon Valley when we have a recovery and Palo Alto is the last to drop when a downturn occurs,” said David Sandlin, executive vice president of Colliers , a commercial real estate company. solidify. “Palo Alto office buildings are always in demand. “
Even though Snap was born in Southern California and continues to maintain its main offices there, it makes sense for the company to seek expansion room in Silicon Valley.
“Palo Alto is a great place,” Sandlin said. “The businesses are not only close to all amenities in and around Palo Alto, but the location is also close to many of the key engineers that Snap would like to attract.”
Much has been said about an exodus of companies that have defected to regions like Texas or Florida and left the Bay Area.
However, some economists and real estate experts believe Silicon Valley remains the best place for companies to hire talented tech workers, making the region a hub for expansion.
“There are a lot of engineers and talent in Silicon Valley, and they really love living in the valley,” Sandlin said. “If you want to attract these people, you have to be located here. “