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1275 Crossman Ave

Walmart Subleases Mark Zuckerberg's Sunnyvale Office Campus For Tech Expansion
LEASEDOffice

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

Mark Zuckerberg

Meta

Landlord

$222.3M

vol

18 deals

Landlord

Doug McMillon

Walmart

Tenant

$146.5M

vol

4 deals

Tenant

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