Ambarella, a Santa Clara-based tech company specializing in AI for smart cameras, has leased a 57,900 square foot building in a former bank headquarters. The lease agreement is expected to last eight years and eight months, with an option to extend for five more years. Ambarella's move comes amidst a decline in the property value and financial challenges the company has faced.
Ambarella , a Santa Clara -based tech company specializing in artificial intelligence applications for smart cameras , has leased a 57,900 square foot building in a Santa Clara office campus formerly home to a failed bank. The lease, arranged by commercial property brokers Phil Mahoney and Ben Stern of Newmark and Erik Hallgrimson and Brandon Bain of Cushman & Wakefield, is expected to span eight years and eight months, commencing around September of this year.
Ambarella also possesses an option to extend the lease for an additional five years. The property located at 3001 Tasman Drive, within a short distance from Levi's Stadium, was acquired by TMG Partners in 2020 for $152 million. Recent documents filed with the Santa Clara County Recorder's Office suggest that Ambarella might employ between 230 to 290 workers in these new offices, based on typical employee ratios for similar office buildings. This development comes amidst a decline in the property's value, estimated to have plunged by 66% since its 2020 acquisition.Ambarella's financial performance has also been a subject of scrutiny. Over the 12 months ending in July 2024, the company recorded a $157.5 million loss on revenue of $252.5 million, according to Yahoo Finance. Similarly, for the year ending in January 2024, Ambarella incurred a $169.4 million loss on revenue of $226.5 million. Despite these challenges, Ambarella remains committed to its mission, as stated on its website: 'Our technologies make cameras smarter, enabling features like person detection, object classification, analytics, and more.
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