A Supplement to Real Estate Forum
City Approves Nvidia HQ Development
Plans to replace a light industrial park in Santa Clara, CA with a 1.9-million-square-foot
headquarters campus for computer graphics firm Nvidia Corp. were approved unanimously by the Santa Clara City Council. Nvidia’s current headquarters, which is leased, is
located across the street from the development site.
Plans call for the existing low-rise flex-industrial buildings to be razed in favor of three
eight-story structures built out for high-tech lab and office uses. Developed to achieve
LEED certification, the glass- and aluminum-paneled buildings are connected by elevated bridges. There would also be a pedestrian bridge over the San Tomas Aquino Creek,
which divides the development site.
The addresses involved are 2600 and
2800 San Tomas Expressway and 2400
Condensa St. In approving the project, the
city council green lighted a rezone from
light industrial and approved the phased
development agreement, which includes
approximately $5 million in traffic mitigation fees.
Nvidia acquired the property, San Tomas
Business Park, in February for $149.5 mil-
lion. The seller was Harvest Properties and Blackrock Realty Advisors, which paid less
than $100 million for the 25-acre, 10-building, 475,000-square-foot campus in 2006. A
Nvidia source confirmed that Harvest Properties will develop the campus.
The developers could not be reached for comment on their timeline and did not
discuss it at the recent hearing, though a city staff member did describe Nvidia and
Harvest as “ready to move forward.” Steve Van Dorn, head of the Santa Clara Chamber
of Commerce, told council members before the vote that this was the type of project
chambers of commerce “dream about.”
“It wasn’t too long ago we were talking about Nvidia perhaps moving to another city,”
he said.—Brian K. Miller, GlobeSt.com
OPUS WELCOMES YASKAWA
TO OAKWOOD CROSSINGS
Oak Creek, WI—Under a long-term lease,
Yaskawa Electric America Inc. will occupy
107,152 square feet at Oakwood Crossings
Business Center I, a 139,726-square-foot
“It wasn’t too long ago
we were talking about
Nvidia perhaps moving
to another city.”
Oakwood Crossings Business Center I
STEVE VAN DORN
SANTA CLARA CHAMBER OF COMMERCE
mixed-use facility here. The space will
include 7,900 square feet of office acco-modations and 9,300 square feet of lab
and general warehouse space. Occupancy
is set for March of next year. The center is
located within Opus North’s industrial park,
Oakwood Crossings Business Center.
Workforce Planning Takes Center Stage
In light of the economic downturn, companies are putting more effort into aligning their workforce requirements and business strategy, according to Watson Wyatt
Worldwide. The global consulting firm surveyed 129 North American-based employers
across a variety of industries for its recent report.
“The current environment is bringing several workplace planning challenges to the
surface,” says Jamie Hale, national practice leader of workforce planning at Watson
Wyatt. “While companies are under enormous pressure to cut short-term costs, it's
important to consider the implications their actions will have on the firms' future workforce needs as well.”
Nearly 71% of those polled said the most pressing matter within their companies
was the scarcity of talent. However, half of the employers said they had no intentions of
ramping up efforts to replace skilled workers, while 33% will be scaling back on those
efforts. Some 20% of those polled said they are dealing with hiring freezes.
About 42% of those polled said they are also facing restructuring and layoffs. “Having
the right number of people performing in the right roles will be crucial for companies
to position strongly for when the economy recovers,” says Hale.
OFFICE DEPOT TO CLOSE SITES
THROUGHOUT NORTH AMERICA
Delray Beach, FL—Over the next three
months, locally based Office Depot Inc.
will close 112 of its underperforming retail
stores and six distribution facilities throughout North America. This accounts for
roughly 9% of the office supply company’s
retail locations, with an additional 14 stores
to shutter next year as leases come due.
HUNTINGTON BANK TAKES
96,000 SF IN CLEVELAND
Cleveland—Huntington Bank has signed
a 20-year lease for 96,000 square feet
of office space at 200 Public Square
here. The company will occupy the sixth,
seventh and a portion of the 11th floors
as well as street-level retail space. The
45-story tower is owned by Harbor Group
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