June 22, 2016
Uber Technologies Inc. expanded into Palo Alto, CA with a 140,000-square-foot lease at Stanford Research Park, valued at $68 million. The ride hailing company is assuming office space from VMware, a software firm, in what marks Uber’s first foray south of San Francisco.
Uber’s expanding Bay Area real estate footprint encompasses more than one million square feet of space occupied or in the pipeline. The company counts nearly 2,000 employees in San Francisco.
The move provides a workplace option for employees seeking to avoid long commutes into The City and may be a boost to recruiting top talent.
JLL’s Bart Lammersen and Gregg Walker represented VMware in the sublease. Newmark Cornish & Carey’s Wanye Kumagi, Rod Scherba and Joe Hamilton represented Uber.