SurveyMonkey Finds New Habitat in Silicon Valley
- Aug 21, 2015
SurveyMonkey swings from one Silicon Valley submarket to another with the signing of a new 200,000-square-foot office lease at Bay Meadows Station in San Mateo, Calif. The online survey and data insights platform will relocate from its current headquarters in Palo Alto.
Guided by commercial real estate services firm DTZ, SurveyMonkey signed the lease with Bay Meadows Land Co. and Stockbridge Real Estate Fund, the joint venture partners behind the 83-acre master-planned Bay Meadows development. The online survey software company staked a claim to Bay Meadows’ Station 4, the 210-square-foot building currently being erected at 3050 Delaware St., just across from a Caltrain Station.
“SurveyMonkey loves its space in downtown Palo Alto, but it all boiled down to the real estate being able to accommodate the company’s successful and rapid growth,” David Hiebert, managing principal with DTZ, said in a prepared statement.
The lease marks a big jump in the size of SurveyMonkey’s occupancy; its current location in Palo Alto is just 59,000 square feet. The extra space at Station 4 is just what it needs to accommodate future growth. However, when the company moves into the new building in 2017, it will set up shop in just a portion of its total 200,000-square-foot home, potentially leaving the remaining space up for grabs via sublet.
But additional elbow room wasn’t SurveyMonkey’s only major requirement for its new home. The company also put a premium on location — transit-oriented location, to be precise. Everybody wants to be near the rails. “The demand for office space along Caltrain is very strong. It’s unlike anything we have ever seen in the past, and I don’t see it going away,” Hiebert told Commercial Property Executive. “The challenge is in finding office space close to a Caltrain station. Let’s put it this way, if you own an office building near Caltrain, you are a pretty happy person right now.”