PropertyApr 13, 2026, 06:07 AM
Palo Alto Networks Extends Santa Clara Leases for 12 Years
AI Summary
Palo Alto Networks Inc. has extended the leases for its Santa Clara, California properties, totaling approximately 940,564 square feet, for an additional 12 years. The extended term will commence on August 1, 2028, and expire on July 31, 2040. The company will benefit from 12 months of base rent abatement and a tenant improvement allowance of up to $72.50 per rentable square foot. After the abatement, base rent will be $3.825 per square foot per month, with 2% annual increases.
Key Highlights
- Extended leases for approximately 940,564 square feet in Santa Clara.
- New lease term is 12 years, from August 1, 2028, to July 31, 2040.
- Includes 12 months of base rent abatement during the extended term.
- Base rent set at $3.825 per square foot per month with 2% annual increases.
- Landlord to provide a tenant improvement allowance of up to $72.50 per square foot.