Skype Takes 90,700 SF at Stanford Research Park in Silicon Valley
- Jul 07, 2010
July 7, 2010
By Barbra Murray, Contributing Editor
The 700-acre Stanford Research Park in Palo Alto, Calif., will soon become home to Skype now that the internet-based video and voice service has signed on to lease an approximately 90,700-square-foot premier office building in its entirety.
Formed nearly six decades ago by Stanford University, Stanford Research Park encompasses 10 million square feet of space adjacent to the school’s campus, and is known the world over as a leading research and technology compound. The sprawling Silicon Valley property is located about 30 miles outside of San Francisco.
Skype will occupy the building at 3210 Porter Drive under a long-term lease agreement with the university. The software company will utilize the space as its North America Development Center, and will relocate employees from its two offices in nearby Brisbane and San Jose to the site.
Real estate services firm Grubb & Ellis & co. represented Skype in the transaction, while Cornish & Carey Commercial stood in for Stanford.
The Silicon Valley office market, pummeled by an 11.7 percent unemployment rate, is still struggling to recover. But, first quarter numbers from Grubb & Ellis indicate that the proverbial light at the end of the tunnel may be within sight. The total office vacancy rate in Silicon Valley was 18.6 percent in the first quarter, marking an infinitesimal decrease from the 19 percent vacancy rate in the fourth quarter of 2009, but it is, perhaps, a sign of impending stabilization.