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SAN JOSE, Calif. -- March 2, 1999 -- Cisco Systems, Inc. today announced an agreement to acquire more than 400 acres in the North Coyote Valley area in San Jose, CA. The new site may accommodate up to 20,000 employees and help Cisco meet its long-term growth needs over time. The new site would nearly double Cisco's landholdings in Silicon Valley.
"This announcement demonstrates our commitment to San Jose and the State of California," said Larry Carter, senior vice president and CFO, Cisco Systems. "Silicon Valley continues to be a source of great talent for Cisco as well as future jobs and economic growth for the region. Our long-standing relationship with San Jose has been very productive and by partnering with local leaders such as Mayor Ron Gonzales, we are taking responsible steps now to prepare for our future growth."
The land is located about 14 miles south of downtown San Jose and is bounded by Monterey Road to the east, Bailey Avenue to the south, and is near the IBM Santa Teresa Research Labs. Acquisition of the land is subject to satisfaction of various conditions, including all necessary development permits. Cisco entered into the agreement to purchase the land with the expectation of an expansion of its Silicon Valley operations.
"I am very happy that Cisco has decided to continue their investment in San Jose," said Mayor Ron Gonzales. "This is a clear indicator not only of the strength of our local economy but of Cisco's recognition that San Jose is a good place to do business. As Cisco comes forward with their permit applications, the City will review them thoroughly and expeditiously. We will continue to have high expectations of building design/sizes and architecture and will seek out best practices related to these types of developments. As always we will deal with issues related to traffic and other infrastructure during the process as we do with every project. I look forward to reviewing Cisco's application and plans and cannot comment on specifics until that time."
Upon completion, the new location would become Cisco's largest business site and is anticipated to have up to seven million square feet of office space - or nearly double Cisco's current level. Cisco has partnered with the Gibson Speno Company and Divco West to entitle and develop the North Coyote Valley property in San Jose.
Cisco Systems began in 1984 and today has $10+ billion in annual sales and a market capitalization of $150 billion. Cisco Systems employs 10,000+ people in Silicon Valley and more than 17,000 people around the world. Cisco also has a significant presence in strategic technology centers in North Carolina's Research Triangle Park, Austin, Texas, Chelmsford, Massachusetts and Herndon, Virginia - as well as around the world.
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