BXP, formerly known as Boston Properties, has sold the empty lot at 3625 Peterson Way in Santa Clara, Santa Clara County. Palo Alto Networks purchased the lot earlier this month for $90 million, where BXP has already completed demolition of the former two-story office complex. The site has received entitlements for an office development.
Palo Alto Networks is a multinational cybersecurity company with over 16,000 employees and over a billion dollars of operating income this year. The firm’s global headquarters is already located directly across the street from 3625 Peterson Street.
3625 Peterson Way, image via Google Satellite
BXP received approval for a dense office proposal, designed by Arc Tec, Inc, around 2020. The master plan looked to construct two eight-story office buildings and a multi-level garage. Full build-out would reach 138 feet tall, spanning roughly 700,000 square feet of office space alongside parking for 2,280 vehicles. Earlier this year, Summerhill Homes filed preliminary permits for a townhouse project with 292 residential units.
The 14.5-acre property is located within a commercial neighborhood, surrounded by other office campuses and apartments. The Great America amusement park and Mission College campus are located across Highway 101. The Lawrence Caltrain Station is 10 minutes away by bicycle.
3625 Peterson Way amenity building and courtyard, rendering by ARC Tech
It’s unclear at this time what Palo Alto Networks plans to do with the property: whether they will pursue the entitled development, collaborate with SummerHill Homes, or pivot to something else.
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