Samsung Grows In Silicon Valley
Samsung is beefing up its presence in Silicon Valley. The South Korean electronics maker is just the latest big firm to locate a research center here.
Samsung already has facilities in the Valley, but it seems to want to make a big splash with a new startup incubator in downtown Palo Alto. As reported by All Things D, the company is looking to occupy the second floor of the historic Varsity Theatre building on University Avenue.
But why would Samsung want to lease property at some of the highest commercial rates in the nation?
“Part of the tradition of Silicon Valley is networking,” says Palo Alto City Councilman Greg Schmid. “The ability to be in a place where you are surrounded by other important players.”
The issue facing Palo Alto now is that the demand for space downtown has displaced some smaller retailers. Schmid says the City Council is already looking to address that issue.