Palo Alto Networks hopes property deal bolsters South Bay HQ expansion

SANTA CLARA Palo Alto Networks says it hopes its purchase of an office evolution site in the South Bay will help the tech company expand its headquarters hub in the future The cybersecurity firm in the past few days bought a Santa Clara property across the street from the company s headquarters hub The just-bought site has been approved for the evolution of a large office complex Palo Alto Networks headquarters complex at Tannery Way in Santa Clara left side of image and a property bought by the tech company right side of image seen in August Google Street View Palo Alto Networks has acquired this property to patronage future advancement at our corporate headquarters in Santa Clara a spokesperson for the company stated in an email comment The tech giant paid million for a -acre site at Peterson Way according to documents filed on Dec with the Santa Clara County Recorder s Office The site is fully entitled for a large office evolution where thousands could work BXP a large real estate firm had gained city approval for the project but never broke ground on it in the face of a sour office field in the Bay Area Palo Alto Networks however has begun to craft a fresh vision for the just-bought property We are at present in the early stages of exploring likely uses for the site and do not have a defined timeline or design plans at this time the Palo Alto Networks spokesperson commented Palo Alto Networks used an affiliate to buy property through an all-cash deal county real estate files show The tech company appears to have acquired the site at a favorable price The site s assessed value in January was million Related Articles Apple sets the stage for fresh South Bay expansion with Sunnyvale deals East Bay apartment deal is poised to preserve site s affordable rents Vision emerges for San Jose housing towers planned for parking lot San Jose business park bought by real estate investors Palo Alto Networks buys site of big South Bay office progress The cybersecurity company s headquarters are at Tannery Way which is adjacent to the site the company has just bought The previously approved plans for the Peterson Way site envisioned an office complex that could accommodate roughly to workers if the hypothetical buildings were fully occupied Palo Alto Networks stated that its new vision for the empty land would bolster the company s future As the global cybersecurity leader we are constantly looking for options to enhance our innovation for employees and customers the spokesperson noted