PCCP Funds $103M Development Loan for Google-Leased Office Building in California
MOUNTAIN VIEW, CALIF. — Renault & Handley Mid-Peninsula Joint Venture has received a $103 million senior loan for the development of 600 Clyde Avenue, a 189,974-square-foot office building fully preleased to Google in Mountain View.
PCCP LLC provided the loan for the five-story building, which will be situated on 5.2 acres. The property is slated for delivery in July 2020.
When completed, the project will feature a 9,600-square-foot sky deck with outdoor seating and working stations, a fitness center, employee showers and bike storage. Additionally, an adjacent four-story parking garage will accommodate circulation of full-size employee shuttle buses, which are commonly used by large tech employers in the Bay Area.
The property is near the intersection of U.S. Highway 101 and State Route 237, about three miles from downtown Mountain View and the Mountain View Caltrain station.
Mountain View-based Google currently operates in 24 office buildings in 13 states and Washington, D.C. In February, the company announced it will invest $13 billion in 2019 to expand its data centers and office footprint to 24 states.
Renault & Handley Mid-Peninsula Joint Venture originally acquired the site located at 580 and 620 Clyde Ave. in 1968. The firm developed the land into two separate industrial/R&D buildings totaling about 75,000 square feet. The buildings were demolished last year for this project.
Renault & Handley is a full-service real estate firm that has served as a broker, property manager, and developer of commercial real estate in the Silicon Valley since 1952. The company developed some of the first buildings in Silicon Valley for tech giants such as National Semiconductor, Intel, NEC Laboratories America and Fairchild Semiconductor International.
“The project administrator, Renault & Handley, is an established full-service brokerage and property management firm with significant experience in the Silicon Valley market,” says Dorian Farhang, vice president with PCCP.
Internet entrepreneurs Larry Page and Sergey Brin founded Google in September 1998. Since then, the company has grown to more than 90,000 employees worldwide and established or purchased products and platforms like Search, Maps, Ads, Gmail, Android, Chrome and YouTube.
— Amy Works and Alex Tostado