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ServiceNow's Big Valley Expansion
Cloud giant ServiceNow just expanded its footprint big time in Santa Clara. On Friday the company confirmed in an SEC filing it inked a 12-year lease for 328k SF at Sobrato's Lawson Lane campus. The initial term starts next summer, with rights to occupy additional properties the landlord may develop. The company will start paying $970k per month in rent in Q1 2016, increasing annually up to approximately $1.2M per month by the end of the lease. The deal is a big win for Sobrato, which hadn't found a tenant since completing Lawson on spec in 2012. San Diego-based ServiceNow already occupies 150k SF up the street.
