Pacific Workplaces to Open Silicon Valley Coworking Location – What is a Ground Lease?

 Brokerage, News, Office, San Jose, West, Coworking, JP Morgan Asset Management 

JP Morgan Asset Management is the owner of 10080 N. Wolfe Road. Image courtesy of CommercialEdge

Flexible office space provider Pacific Workplaces will open a new coworking space in the San Jose-area, at 10080 N. Wolfe Road in Cupertino, Calif. The company will occupy 14,928 square feet at the property and will relocate from its current space at 19925 Stevens Creek Blvd. The new location is scheduled to open in December 2023.

Completed in 1972, the building rises three stories and spans 59,915 square feet. It is owned by JP Morgan Asset Management, which acquired it in 2012, CommercialEdge data shows. Other tenants at the property include Celona and Silver Lake, the same source shows.

The new Pacific Workplaces location will comprise 50 private offices, along with 10 meeting rooms and an open coworking area featuring both dedicated and flex desks.

The building is located near Interstate 280 and roughly 9 miles from downtown San Jose. It is in the heart of Silicon Valley, close to the Apple Campus and within walking distance of the Main Street Cupertino shopping mall, as well as other retail and entertainment options.

Pacific Workplaces operates a total of 18 coworking locations across the states of California, Nevada and Arizona. The flex office provider has been active in the Bay Area, having recently renewed its lease for a 14,090-square foot location in Pleasant Hill, Calif., after debuting another one in San Francisco at the beginning of the year.

The post Pacific Workplaces to Open Silicon Valley Coworking Location appeared first on Commercial Property Executive.

 The new space will open by the end of the year.
The post Pacific Workplaces to Open Silicon Valley Coworking Location appeared first on Commercial Property Executive. Read More Commercial Property Executive 

In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large residential buildings.

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Robert Khodadadian

Robert Khodadadian has been involved in all facets of New York’s wide-ranging real estate properties, from multi-family homes to retail stores, offices, SRO’s, IMD’s, retail condos and hotels, as well as investment opportunities including shares, partnership interests, loans and note sales.