June 20, 2016
LeEco, deemed the “Netflix of China” has purchased Yahoo’s 48.6-acre land in Santa Clara for $250 million. In 2006, Yahoo paid $106 million for the site, and now, the Chinese electronics company plans to develop 3 million square feet of space.
Although lesser known in the U.S., LeEco is planning to grow rapidly in the states. As the company funding the electric car start-up, Faraday Future, LeEco is also bringing its streaming and phone service to America. Currently, LeEco has its North American headquarters in an 80,000-square-foot building in North San Jose, with about 230 employees. The newly acquired Yahoo site can likely accommodate 12,000 workers.
JLL’s Andy Poppink and Bart Lammersen and Cushman & Wakefield’s Steve Bouret represented Yahoo. Newmark Cornish and Carey’s Joe Hamilton and Mike Courson represented LeEco.