With its $4.8-billion acquisition of Yahoo, Verizon has snatched up an Internet pioneer with a massive audience.
But it has also secured something equally coveted in Silicon Valley: real estate.
When the deal closes, the New York telecom giant will become one of the largest office landlords in the nation's technology hub thanks to the roughly 1 million-square-foot campus Yahoo owns in Sunnyvale, Calif. — a desirable position amid the current tech boom.
“We have seen a big upswing in rents,” said Jennifer Vaux, a Silicon Valley researcher for brokerage Colliers International.
Indeed, the office market has been on a multiyear upswing as...