Walmart’s digital unit has agreed to sublease Moffett Green, a four-building office complex that totals 719,000 square feet in Sunnyvale, the Mercury-News reported. The agreement could potentially provide a big boost to a shaky Silicon Valley office market.
The space was leased but never occupied by Meta Platforms, which signed a long-term commitment after Tishman Speyer acquired the complex for $365 million from NetApp Inc. in 2021, according to the Silicon Valley Business Journal. Meta’s lease led to a big jump in Moffett Green’s valuation: Tishman Speyer sold it to CommonWealth Partners in June 2022 for a reported $707 million.
Brokers from Colliers and JLL arranged the sublease, according to published reports. It’s not clear how Walmart.com intends to use the Moffett Green space or whether it will shift workers there from other locations. The Arkansas-based retailer already occupies two Bay Area offices, in San Bruno and elsewhere in Sunnyvale.