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AMD looking to move to smaller HQ in Silicon Valley, sources say

AMD moving house as current property getting new owner, rumors indicate
By: Sean Ridgeley | Business, Financial & Legal News | Posted: Apr 25, 2016 4:08 pm

AMD's longstanding residence of the Sunnyvale campus will be no more before long, rumor has it; The Irvine Company is set to buy it from New York real estate investment trust W.P. Carey, according to real estate sources. Irvine Company is known to raze offices and R&D campuses, so it makes sense that we're hearing AMD is consequently seeking another headquarters in Silicon Valley.

 

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While the company forecast for AMD has been looking increasingly better in recent times, it's still 2,000 employees shy of what it was in 2011, and so it's said to be looking at properties with a 35 to 40 percent footprint reduction, or about 175,000 - 225,000 square feet versus the 319,000 square feet of its current location.

 

AMD's has resided at the Sunnyvale campus since 1977; its lease ends December 2018.

 

Bizjournals reports that Irvine Company and W.P. Carey declined to comment on the story and AMD ignored inquiries. We've put in our own inquiry with AMD and will update this story should we hear back.

 

Update 4/25/16: AMD has commented on the story, saying, "While we don't typically comment on rumors, the current owners of the buildings we occupy have the right to sell those buildings at any time, however, a sale to a new owner will not impact the terms of the current lease. If one of our landlords decides to sell a building to a new owner we would continue to occupy the space until the time our current lease expires."

NEWS SOURCES:Bizjournals.com

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