Silicon Valley Office Market Booms

When San Francisco developer Jay Paul left town for a Pacific Ocean yacht voyage about 10 weeks ago, his shiny new office complex in Sunnyvale, Calif., had been sitting mostly empty since it was completed in late 2008.

But by the time Mr. Paul returned last week, most of the Moffett Towers project’s 1.6 million square feet of space had been accounted for.
Hewlett-Packard Co. and Motorola Mobility Holdings Inc. snapped up more than 600,000 square feet of space, while Microsoft Corp. was close to signing a lease for as much as 300,000 square feet, say people familiar with the matter. Brokers in the area now expect Mr. Paul to break ground on a 230,000-square-foot third phase of the Moffett project by next year, even if he doesn’t sign a tenant ahead of time.

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