Office Project is the Latest in Phase Two of CityLine Sunnyvale

CityLine Sunnyvale has received entitlement approval for the construction of a 153,000-square-foot six-story office building with 8,700 square feet of retail space at the corner of W. McKinley and S. Mathilda avenues in downtown Sunnyvale. The building will feature 4,000 square feet of to-be-determined maker’s space.

This office project is the latest slated for phase two of CityLine Sunnyvale, which will redevelop four parcels in Sunnyvale’s downtown core into additional residences, ground-level retail and office space.
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Downtown Sunnyvale village lands mini golf, clothing retailer

SUNNYVALE — A downtown Sunnyvale village has landed two new merchants, a miniature golf operation and a running apparel retailer.

The merchants are the latest retail additions to CityLine Sunnyvale, a development that consists of office buildings, shops, restaurants and homes.

The two most recent retail leases total 16,100 square feet, according to STC Venture, an alliance of real estate firms Sares Regis Group of Northern California and Hunter Properties, which have teamed up to develop CityLine Sunnyvale. Read the rest of this article here.

Private equity firm AGC Equity Partners buys new Yahoo headquarters at Coleman Highline

Congratulations to the Hunter Storm Team! A Job well done!

The biggest single commercial real estate deal so far in 2021 is complete: In a $780 million deal, London-based private equity firm AGC Equity Partners is officially the owner of the portion of Coleman Highline that is the new headquarters of Yahoo.

The Business Journal first reported in September that AGC intended to buy the 657,934-square-foot, three-building complex on the north edge of the airport corporate campus from a partnership owned by Hunter Properties and Sansome Partners. But sources said the deal couldn’t close until all of the buildings were completed.

According to a report Thursday in the Mercury News, the official paperwork was filed Wednesday with the Santa Clara County Recorder’s Office. The final price is slightly higher than our initial report, up from the $775 million purchase price we first reported. The purchase breaks down to $1,185 a square foot, the Mercury News reported.

The deal includes a 603,363-square-foot office building located at 1199 Coleman Ave. that has a seven-story wing stretching from north to south and an eight-story one going east-west. The complex also includes a one-story, approximately 10,000-square-foot welcome center and a two-story, 54,571-square-foot building at 1193 Coleman Ave. that will house restaurants on its bottom floor and a fitness center on top, according to the source.

The complex is leased to Yahoo Inc., whose then-parent company, Verizon Communications Inc., announced in 2019 it was co-developing the structures and had signed a lease-to-purchase deal for them. As part of AGC’s purchase of the buildings, Verizon will no longer have an option to buy them.

Although Verizon earlier this year sold off a majority stake in Yahoo, it remains the financial guarantor of the latter’s 15-1/2 year lease on the campus, which is expected to become its West Coast hub.

At the time it announced its lease, Verizon said the office structure would house 3,400 of its Yahoo employees, 2,400 of whom it would move from the company’s Sunnyvale campus, which Google purchased in a $1 billion deal in 2019. Yahoo’s lease, which is set to go through around 2037, starts at around $2.7 million a month, according to an offering memo obtained by the Business Journal. Its rent will increase 3% a year.

The other major tenant at Coleman Highline, a sprawling campus on the west side of Mineta San Jose International Airport, is streaming company Roku. The Roku buildings were not part of the AGC deal.

Sunnyvale begins to realize decades-old downtown dream, creating a new transit-oriented urban center with CityLine project

A long-in-the-making effort to revamp Sunnyvale’s downtown and turn it into a robust, transit-oriented community is finally coming together. Since last fall, the developers behind CityLine Sunnyvale — a 36-acremixed-use development in the city’s center that for years was more vision than reality – have completed a 75-unit apartment building and a two-story commercial structure that houses a Whole Foods and an AMC Theater. Click here to read the rest of the article.

Sunnyvale Macy’s Demolished, Downtown Sunnyvale Project Nearing Final Phases

The long-standing Macy’s building in Downtown Sunnyvale is now a pile of rubble. Crews started demolishing the building in late June and moving out the debris.
Developers are hoping the building permits will be approved for this latest piece of the CityLine Sunnyvale development in mid-October. If that happens, construction can begin before 2022 arrives. Read the rest of the article here.

CityLine Sunnyvale Gets Go-Ahead on Former Macy’s Site

This week, the Sunnyvale Planning Commission approved plans for CityLine Sunnyvale to develop two office buildings with ground-level retail space on the former Macy’s parcel in downtown Sunnyvale. Located between Taaffe and Murphy avenues, the buildings will be separated by a public pedestrian plaza and offer approximately 250,000 square feet of office space, 25,000 square feet of ground-level retail and 13,000 square feet of outdoor space. An underground parking structure will offer 786 spaces, 6 percent of which will be wired or prewired for electric vehicles. Read the full article here.

Sunnyvale Approves 550,000 SQFT CityLine Sunnyvale Mixed-Use Development

SUNNYVALE, CA – March 30, 2021 – Last night, the Sunnyvale Planning Commission approved plans for CityLine Sunnyvale to develop two office buildings with ground-level retail space on the former Macy’s parcel in downtown Sunnyvale. Located between Taaffe and Murphy Avenues, the buildings will be separated by a public pedestrian plaza and will each offer approximately 250,000 square feet of office space, 25,000 square feet of ground-level retail slated for restaurant and entertainment uses opening to the plaza, and 13,000 square feet of outdoor space that includes terraces and step backs that articulate the massing of the structures. An underground parking structure will offer 786 spaces, six percent of which will be wired or prewired for electric vehicles. Read the full article here.

Plans for big office buildings in downtown Sunnyvale push ahead. Office buildings would be large enough for more than 2,000 workers.

SUNNYVALE — Two big office buildings proposed for downtown Sunnyvale have pushed closer to reality following final city approval of the project.

The buildings would be a key component in the CityLine Sunnyvale mixed-use development of offices, shops, restaurants, and homes in downtown Sunnyvale.

The Sunnyvale Planning Commission has approved a complex of two office buildings that together would total 500,000 square feet — enough space to potentially accommodate 2,500 workers. Each office building would total 250,000 square feet.

The office development would sprout on the site of a shuttered Macy’s department store at 200 W. Washington Ave. in downtown Sunnyvale. Read the full article here.

CityLine Sunnyvale Gains Momentum With City National Bank Lease Signed, Whole Foods Open

After years of attempts to invigorate downtown Sunnyvale with a town center, efforts to move CityLine Sunnyvale from concept to reality further materialized with retail spaces gaining occupancy and more construction ahead. STC Venture LLC, the joint venture between affiliates of Hunter Storm and Sares Regis Group of Northern California, is executing the major mixed-use project. Read the full article here