Monday, April 25th 2016
AMD HQ to Make Way for Luxury Apartments by the Irvine Company
The days are numbered for AMD's iconic Sunnyvale, California headquarters at One AMD Place (or 1090 E. Duane). The company is moving out of this property to another, smaller place elsewhere in Silicon Valley. AMD sold and leased-back this building to New York-based W.P. Carey in 1995 for $95 million, and has since been a tenant at the 319,000 square-foot campus, spread across a sprawling 32.5-acre site.
New Port Beach CA-based Irvine Company is set to acquire the site, and redevelop it into hundreds of apartments, according to multiple real-estate sources. With a shrinking payroll that's down to 9,100 today, following over 2,000 job-cuts since 2011, AMD is said to be moving to another location, and is in the market for a 175,000-225,000 square feet property to lease, elsewhere in Silicon Valley. This marks a 30-45% reduction in the company's office-space.
Source:
Silicon Valley Business Journal
New Port Beach CA-based Irvine Company is set to acquire the site, and redevelop it into hundreds of apartments, according to multiple real-estate sources. With a shrinking payroll that's down to 9,100 today, following over 2,000 job-cuts since 2011, AMD is said to be moving to another location, and is in the market for a 175,000-225,000 square feet property to lease, elsewhere in Silicon Valley. This marks a 30-45% reduction in the company's office-space.
17 Comments on AMD HQ to Make Way for Luxury Apartments by the Irvine Company
I bet they still end up with a decent HQ.
200k square feet is still something, but its very little for an iconic technology company.
Sounds like a wise decision for AMD. They need to look at everything to finally get into the black.
I think it is responsible of AMD for doing this move regardless of what image it may depict. Trimming excess is always something that should be considered.
the move makes sense due to them leasing anyways, not having enough people or reason to fill it, and it is ugly as sin.
Time to go to a more modern building that fits their needs and is a place you'd be proud to bring inventors to.
Clearly WP Carey agrees as they're not trying to bring in any other corporations to fill it and instead are opting for apartments.