Analysis
Cypress Donates $9 Million, 75,000-Square-Foot Building to Second Harvest Food Bank
Cypress Semiconductor announced the donation of a 75,000-square-foot, one-story office building on five acres of land to Second Harvest Food Bank of Santa Clara and San Mateo Counties. Valued at approximately $9 million, the building and land, located at 4001 North First Street in San Jose, is the single-largest corporate gift made to the Food Bank to date.
Cypress Semiconductor, based in San Jose, has been the largest per-capita corporate donor to Second Harvest Food Bank in each of the past 20 years. In 2010, the company made a joint $1.1 million donation with former Cypress subsidiary, SunPower Corp., to put solar panels on the roof of the organization’s Curtner Avenue facility. The installation is one of the largest in Santa Clara Valley at 322 kilowatts, and is projected to save the Food Bank enough money in reduced electric bills to provide 6 million additional meals to the community over the 25-year life of the system.
Second Harvest Food Bank CEO Kathy Jackson said she is delighted with Cypress’s large gift. “We are thrilled by Cypress’s generous building donation to Second Harvest. We have been struggling to address physical capacity limitations for some time, and this truly transformative gift will allow us to provide increased amounts of fresh, nutritious produce to members of our community who are experiencing hunger —many for the first time.”
T.J. Rodgers, Cypress’s president and CEO, said, “It is humbling to realize that in such an affluent area as the Silicon Valley there are so many people in need of basic necessities like food and shelter. There is no organization that is more efficient at serving the community than Second Harvest Food Bank. Cypress is once again pleased to support Second Harvest in its effort to stamp out hunger in our community.”
For each of the past five years, Second Harvest Food Bank has received Charity Navigator’s 4-Star rating for efficiency and extraodinary fiscal responsibility, placing it in the top 5 percent of all nonprofit organizations in America.
The Cypress building that is being gifted to Second Harvest was, until recently, the headquarters site of Cypress’s Data Communications and Memory Products Divisions. Cypress moved these employees to other Cypress buildings that were not fully occupied, making the building available for donation to the Food Bank.