J
ohnson & Johnson has expanded its presence in Santa Clara with a new lease on a 91,900-square-foot office building at the Stadium Tech Center. The New Jersey-based biopharma and medical technology firm will occupy the three-story building next to its existing office at 5490 Great America Parkway. This move marks an expansion of Johnson & Johnson MedTech's robotics campus.
The company joins other notable tenants in the Stadium Tech Center, including Cloudera and Dell. Meanwhile, Johnson & Johnson has another site in Santa Clara dedicated to its cardiovascular business, Shockwave Medical.
According to Savills, leasing activity in Silicon Valley is on the rise, with a 21.6% increase from the previous quarter. The San Jose Airport and Santa Clara submarkets led the activity, accounting for 22.7% and 18.2% of deals respectively. Office vacancy across Silicon Valley rose to a record 22% in the third quarter.
The recent lease was among the top Silicon Valley transactions in the third quarter, with several notable deals taking place in the area. Last month, South Bay Development acquired a seven-building office campus in Santa Clara for $51 million, resetting the value of South Bay offices at $124 per square foot.
