Snowflake has blown back into Silicon Valley with a 773,000-square-foot sublease in Menlo Park, the largest Bay Area office lease in more than a decade.
The Montana cloud computing and data services firm once based in San Mateo has inked a deal with Meta to sublease a four-building campus at 125-135 Constitution Drive and 100-150 Independence Drive, the San Francisco Business Times reported.
Financial terms were not disclosed, but the lease reportedly runs through 2033. The campus is part of Menlo Gateway, owned by Bohannon Companies and Brookfield.
Snowflake, which launched in San Mateo before nominally moving its headquarters three years ago to Montana, still leases 200,000 square feet at its former hub at 450 Concar Drive.
The firm began hunting last summer for more offices to expand in Silicon Valley.
“The Menlo Park office will give us room to grow, as well as give our Bay Area employees an amazing environment in which they can do their best work,” Warrick Taylor, vice president of workplace and real estate at Snowflake, told the Business Times in a statement.
The campus will have a gym, business training facility, indoor and outdoor cafe seating, meeting and training rooms, as well as parking for bikes and cars and proximity to Bayfront Park.
Snowflake, which moved toward a globally distributed workforce, has been on a growth spurt over the past three years and now has more than 7,000 workers, up from 4,000 in 2022.
In May 2021, less than a year after its 2020 public debut on Wall Street, it went “headquarterless” in Bozeman, Montana, home of its former CEO, Frank Slootman.
In February, Sridhar Ramaswamy, a former Google executive and AI expert, took the helm as CEO, with eyes on establishing deeper roots on both sides of the bay.
In August 2022, Snowflake expanded its offices in Dublin to 153,000 square feet, from 40,000 square feet.
Its new 773,000-square-foot lease in Menlo Park is the biggest in the Bay Area since before the pandemic, dwarfing the 486,600 square feet OpenAI subleased from Uber last year at 1455 and 1515 3rd Street in San Francisco.
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It’s also not the first time Snowflake has leased space from Meta, according to the Business Times. In April, the tech firm leased 300,000 square feet from the Facebook parent in Bellevue, near Seattle.
The Bay Area’s record for largest lease was in 2010, when Bank of America inked an 836,000-square-foot lease at 1455 Market Street in San Francisco as part of a deal to sell the building, according to the Business Times.
— Dana Bartholomew
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