City officials in Sunnyvale, California is hoping the new Nokia’s corporate building will revive the city’s distressed 36- acre redevelopment, Sunnyvale’s downtown project that is coping for investors as one after another developers gave false hope. Nokia’s regional operations will be housed on the new corporate building with about 500 employees.
According to the managing partner of the Quattro Realty Group, L. Gerald Hunt— the state court selected receiver of the corporate building, Nokia’s lease on the area is a game changer.
Quattro Realty acts as the receiver of the property on fee- basis and does not own any part of the building.
The corporate building was half finished when Nokia leased it in May 2010, but it did not stop the company from taking over the corporate property even the region is also well- stocked by empty commercial spaces.
In 2007, the property was ceded to the courts by San Francisco- based institutional investor— RREEF and San Mateo, California- based Sand Hill Property Company.
Mr. Hunt did not disclosed the transaction terms of the corporate building, citing confidentiality, but according to a real estate brokerage— Colliers International, an average office space in the area range from mid- $30’s per square foot a year since 2010.
Nokia, as the leaser was represented by CB Richard Ellis while Quattro was represented by Cassidy Turley/CPS.
According to a report, business in Silicon Valley is increasing as hundreds of Nokia employees started to arrive.
Nokia’s lease on the corporate building also induce finances from Wells Fargo and Bank of America to complete other infrastructures in the redevelopment area.