Silicon Valley city OKs office campus

LinkedIn is just one of many companies redeveloping a dated office district in Sunnyvale, Calif.

A new commercial real estate project will soon be underway in Sunnyvale, Calif., which is in the Silicon Valley. The new two-building campus in Peery Park is a big change for the business district, much of which is decades old, according to the Silicon Valley Business Journal.

The two new buildings will span over about 215,000 square feet on more than 9 acres. One building will have three stories and 91,000 square feet, while the other will be a four-story, 122,000-square-foot structure. A vacant building that sits on the lot now will be torn down.

The new project comes from Christensen Holdings, a family owned local real estate firm that has commercial and multifamily properties in the Peninsula and East Bay, but the new buildings will be its biggest work in 10 years, the Journal reported.

"We're excited and ready to go ahead," Gavin Christensen, president of Christensen Holdings, told the source. "We've seen a lot of demand from companies that are interested in moving into Sunnyvale, and we feel this is a good opportunity to meet it."

Christensen said the project, which is designed by Vitae Architecture, is scheduled to break ground in April. Some features include underground parking, a sports court and ample landscaping, according to the Journal.

Big changes
Peery Park spans more than 400 acres, on which there are about 180 buildings, many of which are industrial properties that were built in the 1970s. However, the district is seeing major redevelopment lately, the Journal reported, including a large LinkedIn campus that is being constructed.

LinkedIn recently signed a 12-year lease for its new campus, which will sprawl over 560,000 square feet in four buildings. The professional social media network said in its filing with the U.S. Securities and Exchange Commission that construction will be completed in July 2014, the Journal reported.

The company will move from its current headquarters in Mountain View upon the project's completion. The new campus will be LEED gold certified by the U.S. Green Building Council and will have a five-level parking garage. The asking price for the campus was $3.35 per square foot.

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