Netflix Giving Up Another Chunk Of Office Space, This Time In Los Gatos
Netflix put its 165K campus in Los Gatos, California, up for sublease, as the company shrinks its footprint amid financial struggles.
The company hopes to add at least one subtenant to its office and research complex at 100 and 150 Winchester Circle. The space is available for sublease through the end of November 2027, according to The Real Deal. JLL is marketing the buildings on behalf of the streaming service.
Netflix has no plans to vacate its other 485K SF space in Los Gatos, where the company is headquartered, according to comments made to The Real Deal.
Netflix noted in its 10-Q filing for Q2 that its operating lease liabilities total $2.6M. Last month, the company placed 180K SF in Burbank up for sublease.
High-quality properties are the most popular in the Bay Area office market as the flight to quality continues. Widespread vacancies are leading current and prospective tenants to seek newer space with more amenities in prime locations, leaving Class-B and C stock struggling.
