TikTok Parent Company Plans 658K SF Lease in San Jose
ByteDance, the parent company of social media platform TikTok is planning to sublease 658,000 square feet of space at the Coleman Highline Development in San Jose, CA. The China-based tech giant will be occupying two buildings that once belonged to Verizon on Coleman Avenue.
The move, if approved by all parties involved, will be a big boost for the Silicon Valley office sector which has struggled through the pandemic, and a new report from the Mineta Transportation Institute indicates telecommuting is likely to continue for at least three years, further dampening the recovery.
Verizon bought Yahoo in 2017, and then struck a deal in 2019 to lease the buildings at Coleman Highline, but 2 years later, Verizon sold Yahoo to Apollo Global Management. Rather than occupy the buildings, it appears the company will instead sublease the large footprint to ByteDance, which will join another large tech company, Roku at the North San Jose campus.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.