Walmart Subleases Mark Zuckerberg's Sunnyvale Office Campus For Tech Expansion
1275 Crossman Ave, 1345 Crossman Avenue, 1375 Crossman Avenue & 1395 Crossman Avenue
Building Size
2,880,000 SF
Asset Type
Office
Closing
Nov 9, 2023
AI
Walmart Inc. is set to sublease Meta Platforms Inc.'s never-occupied Moffett Green office campus in Sunnyvale. The campus is comprised of four buildings with a total of 720,000 square feet of space. This move marks Walmart's significant entry into Silicon Valley's office market. However, specific details about the sublease, including the price and duration, have not been disclosed.
Summary of transaction details
- Property Type: Office
- Transaction Amount: Not disclosed
- Square Footage: 720,000
- Address: 1275, 1345, 1375 & 1395 Crossman Avenue
- Market: Sunnyvale
Mark Zuckerberg, the CEO of Meta Platforms Inc., represents the landlord in this deal. Doug McMillon, the CEO of Walmart Inc., represents the tenant. This sublease allows Walmart Inc. to establish a presence in the Silicon Valley office market, further expanding their operations in the technology industry.
Players
Sunnyvale Office Market Snapshot
Boundary boundary · Office · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93