Walmart Inc. Signs 338,000-SF Lease at Jay Paul Company's Iconic Tech Corners Campus in Sunnyvale

Rhea-AI Summary

Walmart's eCommerce division has secured a significant 338,307-square-foot lease at Tech Corners in Sunnyvale, California, marking Silicon Valley's largest new office lease since 2023. The Jay Paul Company-owned campus, recently enhanced with a $30 million renovation, spans 26 acres and features 957,204 square feet of office space. The LEED Platinum and Gold certified property offers modern amenities including a 22,698-square-foot fitness center, outdoor workspaces, and multiple dining facilities. The deal, brokered by Newmark executives Phil Mahoney and Mike Saign, demonstrates continued demand for premium office space in Silicon Valley's Moffett Park area. Tech Corners boasts a strategic location with VTA Light Rail access and proximity to major highways, while a new 12,000-square-foot retail addition is under development to enhance the campus further.

Positive

• Largest new office lease in Silicon Valley since 2023, indicating market strength
• Property recently underwent a $30 million renovation to enhance facilities
• Campus has maintained full occupancy over the past decade with prestigious tenants like Google and Ariba
• LEED Platinum and Gold certified workspaces demonstrate environmental commitment
• Strategic location with direct access to public transit and major highways

Negative

• None.

Insights

Commercial Real Estate Analyst

Newmark's major Walmart lease deal signals strengthening Silicon Valley office market, highlighting NMRK's premium property success.

This landmark 338,307-square-foot lease transaction represents Silicon Valley's largest new office commitment since 2023, significantly strengthening Newmark's (NMRK) position in the premium commercial real estate market. The deal is particularly noteworthy amid widespread concerns about office vacancies post-pandemic, showcasing that Class A, amenity-rich properties continue attracting major tenants.

The transaction carries several positive implications for Newmark. First, it demonstrates the company's ability to secure blue-chip clients like Walmart in competitive markets. Second, the deal involves a premier property that underwent a $30 million renovation, indicating Newmark's specialization in high-value assets that command premium leasing rates. Third, the press release mentions this follows another major lease with Zscaler, suggesting momentum in Newmark's brokerage business.

For context, Tech Corners' historical full occupancy by major tenants (previously Ariba and Google) highlights the property's sustained appeal in the volatile Silicon Valley market. The Moffett Park area specifically shows resilience with Amazon, Meta, Google, and now Walmart establishing presence there. This concentrated tenant activity signals strengthening fundamentals in select submarkets, potentially increasing commission opportunities for Newmark in this region.

The LEED Platinum and Gold certifications, coupled with wellness-focused amenities, align with modern corporate requirements for sustainable, employee-centric workplaces—positioning Newmark favorably to capitalize on evolving corporate real estate preferences.

Newmark Arranges Silicon Valley's Largest¹ New Office Lease Since 2023²

SAN JOSE, Calif., June 10, 2025 /PRNewswire/ -- Newmark and Jay Paul Company announce that the eCommerce division of Walmart, Inc. has signed a 338,307-square-foot lease at Tech Corners, located at 803-815 11th Avenue in Sunnyvale, California. The transaction marks the largest new office lease in Silicon Valley since 2023, surpassing the recent Zscaler lease.

Newmark Executive Vice Chairman Phil Mahoney and Vice Chairman Mike Saign represented the owner, Jay Paul Company, in lease negotiations. The transaction expands Walmart Inc.'s Silicon Valley hub within Tech Corners, an iconic Jay Paul Company project spanning 26 acres and home to a 957,204-square-foot office campus renowned for its modernized, wellness-focused design and best-in-class amenities. Recently revitalized with a $30 million renovation, the office campus has historically been fully leased, over the past decade to Ariba and Google, and continues to attract marquee tenants to the submarket such as Amazon, Meta, Google and now Walmart Inc.

"This lease reflects the enduring appeal of Tech Corners, a premier Class A campus with a legacy of full occupancy," said Mahoney. "Its recent $30 million refresh delivers a best-in-class, transit served, plug-and-play environment tailored for scaling companies like Walmart Inc."

"We are excited to welcome Walmart Inc. to the Jay Paul portfolio and to join our other marquee tenants we value," said Janette D'Elia, Chief Operating Officer, Jay Paul Company. "We look forward to supporting their continued growth in this vibrant, wellness-focused campus."

This landmark transaction, following closely on the heels of the Zscaler lease brokered by Saign and his team, signals robust momentum in Silicon Valley's office leasing market, particularly in Sunnyvale's Moffett Park area.

Tech Corners' modernized infrastructure, LEED Platinum and Gold certified workspaces across expansive 45,000-square-foot floor plates position it as a premier destination for innovative companies driving the future of a variety technology applications. The property offers an unparalleled work environment, emphasizing wellness, fresh air workspace, community engagement and over 25% landscaped outdoor spaces, including work and social areas, vegetable and floral gardens and a multisport court.

Tenants enjoy exclusive access to top-tier cardio and weight training equipment, group fitness rooms and outdoor exercise areas at The Club, a state-of-the-art 22,698-square-foot fitness and wellness center. Additional amenities include several full-scale cafés and dining halls, as well as the Club Annex with touchdown workspaces, lounge areas and gaming spaces. A new 12,000-square-foot retail addition is currently underway, further enhancing the campus's transit-oriented appeal with an onsite VTA Light Rail Station and proximity to Highways 101 and 237.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended March 31, 2025, Newmark generated revenues of over $2.8 billion. As of March 31, 2025, Newmark and its business partners together operated from 165 offices with approximately 8,100 professionals across four continents. To learn more, visit nmrk.com or follow @newmark.

Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company's business, results, financial position, liquidity, and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark's Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.

¹ By square footage
² According to Newmark Research

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SOURCE Newmark Group, Inc.

FAQ

What is the size of Walmart's new lease at Tech Corners in Sunnyvale?

Walmart's eCommerce division has leased 338,307 square feet at Tech Corners in Sunnyvale, California.

Who brokered the Tech Corners lease deal for Jay Paul Company?

Newmark Executive Vice Chairman Phil Mahoney and Vice Chairman Mike Saign represented Jay Paul Company in the lease negotiations.

What amenities does the Tech Corners campus offer?

Tech Corners features a 22,698-square-foot fitness center, outdoor workspaces, cafes, dining halls, gaming spaces, vegetable gardens, and a multisport court, with a 12,000-square-foot retail addition under development.

How much did Jay Paul Company invest in renovating Tech Corners?

Jay Paul Company recently invested $30 million in renovating the Tech Corners campus.

What is the total size of the Tech Corners campus in Sunnyvale?

Tech Corners spans 26 acres and features a 957,204-square-foot office campus.