Google Inc. agreed to rent a former shopping mall in Mountain View, California, in the largest Silicon Valley lease deal of the year, according to Bloomberg. The former mall is being renovated into an office complex, with completion scheduled for next year, real estate investment firm Rockwood Capital LLC said in a statement. Rockwood, which has offices in San Francisco and White Plains, New York, owns the former Mayfield Mall in a venture with San Francisco-based Four Corners Properties. Once the renovation is completed, the campus will have more than 46,5 thousand square meters of office space on 11.2 hectares.
Rockwood didn't disclose the lease terms, and Caroline Luz, a spokeswoman for the company with Owen Blicksilver Public Relations, declined to comment beyond the statement. Katelin Jabbari, a spokeswoman for Mountain View-based Google, declined to comment on the lease.
Mayfield Mall was the first air-conditioned, enclosed shopping mall in Northern California and was previously occupied by stores including J.C. Penney Co. The property, adjacent to the San Antonio Caltrain station, is in an area with shops, restaurants, housing and a planned hotel, Rockwood said.
Google, owner of the world's most popular Internet search engine, agreed in July to expand its San Francisco office space at Morgan Stanley's Hills Plaza building in what would be that city's biggest lease transaction of 2013, a person with direct knowledge of the deal said at the time.
Google joins Rackspace Hosting Inc. (RAX) in using a former shopping mall for office space. Rackspace, a provider of Web-based computing services, paid US$ 32.7 million for the abandoned Windsor Park Mall in San Antonio and converted it to offices.
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