Arm Eyes Google-Leased 222,000 SQFT 750 Moffett as It Weighs Moving U.S. Headquarters From San Jose to Mountain View
Why this matters
Office continues to trade in two distinct markets: trophy assets in walkable submarkets that are leasing at or near record rents, and commodity Class B and C buildings where the basis is still resetting. Underwriting on the latter has moved toward replacement-cost-minus, with credit underwriting now leaning on tenant covenant and remaining lease term rather than mark-to-market expectations. San Francisco continues to clear office at the deepest discounts to 2019 basis seen in the cycle, while multifamily fundamentals have stabilized and life sciences in the Peninsula remains active. For LP-positioned capital, the read-through is that the bifurcation is now a structural feature of the sector, not a cycle to wait out.
Editorial analysis · Real Estate Trail Editorial
On the RET wire
- The 102nd San Francisco story tracked on the wire in November 2026. All San Francisco coverage →
- Disclosed office deal value tracked in November 2026: $7.5B across 40 reported transactions. All Office coverage →
Computed from Real Estate Trail’s own tracked coverage
Chip designer Arm has submitted a letter of intent to lease the entire five-story office building at 750 Moffett Blvd. in Mountain View, a LEED Platinum property Google signed for but never occupied, as its push into…
External link. Real Estate Trail does not republish source content.
Related coverage — San Francisco · Office
Bay Area Office Vacancy Falls Below 20% as Region Absorbs 4.9MM SQFT in 2026, but Oakland and Tri-Valley Still Lose Ground
Regional office vacancy fell to 19.3 percent in the third quarter as tenants absorbed 1.7 million square feet, but the gains remain concentrated in San Francisco and Silicon Valley while Oakland and the Tri-Valley con…
Bay Area Office Inventory Shrinks by 12.9MM SQFT in a Year as Colliers Reclassifies Flex Space, Clouding Vacancy Comparisons
Colliers moved flex properties out of its Bay Area office count, leaving the tracked inventory 12.9 million square feet smaller than a year ago and making the region's 220-basis-point vacancy decline harder to read at…
Delphina Brings Total Funding to $15M to Take Trusted AI Analytics from the Data Team to the CEO's Office
Radical Ventures and Costanoa double down as Delphina launches the Context Factory, where AI agents build and maintain the business context behind trusted answers SAN FRANCISCO, Nov. 12, 2026 /PRNewswire/ -- Delphina,…
Invesco Closes $62.2MM Buy of 63,000 SQFT 1400 Veterans Medical Office in Redwood City at $995 Per SQFT
A Peninsula medical office building that a Nevada pension fund targeted this summer has now traded for $62.19 million, landing among the highest per-square-foot office prices recorded in the Bay Area during the third…
The Registry Ranks: We Ranked 14 Peninsula and Silicon Valley Office Markets for AI Companies. Redwood City Made S.
OpenAI's 450,000-square-foot Mountain View campus proved AI companies will leave the city. We tiered 14 South Bay and Peninsula office markets for the next AI tenant to follow, and the Peninsula's most vacant big mark…
Pacific Oak Lists 368,000 SQFT Oakland City Center Office Towers Unpriced Against $179.9MM County Assessment
The Pacific Oak-controlled owner of 1300 Clay Street and 505 14th Street has put the two-tower, 368,229-square-foot Oakland City Center office portfolio up for sale through Newmark without pricing guidance, leaving Al…