Jay Paul Locks Down Lockheed Land
Following up on its plans announced in January, Jay Paul Co closed on one of two major land buys from the defense giant—the canvas for its massive office project coming to Sunnyvale. The developer threw down $70.5M for the 16.6-acre parcel at 1190 Enterprise Way, according to title documents cited in the Silicon Valley Business Journal. The second piece to close will be a 30-acre Lockheed-owned parcel that's expected to trade by the end of 2015. The parcels house five Lockheed-occupied buildings, and in the aging buildings' place will go state-of-the-art office towers. The plan is to get entitlements from Sunnyvale and then tear down the buildings. Expect high-end and sizable product like its 1.8M SF Moffett Towers and 1.9M SF Moffett Place, now under construction as Google's future workstation (above). The new project in Sunnyvale could have 1.7M SF of office and fit 8,500 workers. [SVBJ]
