By Town Crier Staff Report

The David and Lucile Packard Foundation put on hold its plans to move its operations into a new headquarters building in downtown Los Altos, Richard T. Schlosberg III, the family foundation’s president and CEO, announced Monday.

“In light of the recent uncertainty in the financial markets as well as in the world, we have decided to table our facilities plans for the time being,” Scholsberg said.

Schlosberg said the foundation plans to continue operations within its current facilities in Los Altos and is negotiating 12-month leases with its existing and new tenants, including Reach Fitness Center on Second Street.

Schlosberg announced plans at the start of this year to consolidate five of the organization’s Los Altos offices into one location in the downtwon area between San Antonio Road and Second Street.

The foundation currently owns nine locations scattered along First and Second streets and San Antonio Road.

The foundation leases five of those properties for office space.

The David and Lucile Packard Foundation is the largest private employer in Los Altos, with approximately 170 employees.

Schlosberg said the foundation will notify the public should it decide to move forward with its earlier consolidation plans.