SUNNYVALE — A tech campus in Sunnyvale was purchased for millions less than its previously assessed value, county documents show.
Ellis Partners, acting through an affiliate, paid $15.5 million for the office and research campus at 755 North Mathilda Ave., according to documents filed on Monday with the Santa Clara County Recorder’s Office. That price was 54% below the property’s estimated value of $33.8 million as of January 2024.
The campus consists of two office buildings and a courtyard. The buildings together total 105,000 square feet, according to Ellis Partners.
“We are planning a significant renovation and modernization of the property, including modernized facade, lobbies, and courtyard improvements,” said Jim Ellis, co-founder and managing principal executive with Ellis Partners.
Newmark commercial real estate brokers Steven Golubchik, Ramsey Daya, Edmund Najera, Chris Moritz, Darren Hollak, Francesca Zappula and Brendan Raney arranged the property purchase.
Related Articles
Real Estate |
Joann plans to close 15 Bay Area stores
Real Estate |
Big Oakland hotel flops into loan default as local lodging woes widen
Real Estate |
Court case fuels VTA quest to grab prime San Jose site for BART stop
Real Estate |
Iconic San Jose hotel open as renovations get underway
Real Estate |
Berkeley losing money due to poor lease management practices, audit finds
LinkedIn has leased the property and both buildings are being offered for sublease. The lease end date wasn’t immediately known.
The office campus attracted potential buyers at a brisk pace, according to Newmark brokers. Clarion Partners, through an affiliate, sold the tech campus to Ellis Partners, according to county documents.
The relatively low price for the office and research complex could entice potential tenants that would sublease one or both buildings.
“Investors are gaining increasing confidence in the leasing market,” said Najera.
Share this:
Click to share on Facebook (Opens in new window) Click to share on Twitter (Opens in new window) Click to print (Opens in new window) Click to email a link to a friend (Opens in new window) Click to share on Reddit (Opens in new window) Read More Details
Finally We wish PressBee provided you with enough information of ( $15 million deal for South Bay tech campus points to feeble office market )
Also on site :