SUNNYVALE — A Sunnyvale web site ripe for redevelopment and positioned in one in all Silicon Valley’s sizzling spots has been purchased by a veteran actual property agency.
Ellis Companions, performing by means of an affiliate, has purchased 335 E. Moffett Park Drive, in accordance with paperwork filed on Sept. 16 with the Santa Clara County Recorder’s Workplace.
The veteran Bay Space growth agency paid $28 million for the two-building property, the county paperwork present.
San Francisco-based Ellis Companions purchased the constructing by means of an all-cash deal, in accordance with the county data. Ellis Companions didn’t instantly reply to a request for remark concerning the scenario.
Los Gatos-based Cilker Orchards Administration was the vendor.
The constructing is in a part of Sunnyvale that has grow to be one in all Silicon Valley’s hottest spots for growth, leasing, and industrial property buy exercise.
Among the many notable property house owners or tenants within the neighborhood of the just-bought web site:
— Google owns or leases an array of workplace buildings and different properties within the neighborhood and even adjoining to the property that Ellis Companions now owns.
— Fb app proprietor Meta Platforms has signed a lease for an enormous campus a half-mile away that’s referred to as Moffett Inexperienced and totals 719,000 sq. toes. Meta Platforms is a tenant in one other mega campus in Sunnyvale.
— That very same Moffett Inexperienced campus was purchased in June by Commonwealth Companions for $707 million. In 2021, Tishman Speyer, the vendor in that deal, purchased the campus for $365 million, then quickly landed Meta Platforms as a tenant, which helped to dramatically ratchet up the worth of the campus.
— Apple and Amazon additionally lease quite a few websites in Sunnyvale, and Apple has additionally purchased some modestly sized websites within the metropolis.
— Jay Paul Co., one of many Bay Space’s most savvy and profitable builders, has constructed a number of workplace buildings within the space and landed tech titans resembling Google, Amazon and Meta, the Fb app proprietor, as tenants.
The actual worth of the property that Ellis Companions purchased could possibly be the 5 acres of land beneath the 2 buildings, which collectively whole 88,900 sq. toes.
If changed by fashionable workplace buildings, it could possibly be potential to construct a contemporary campus totaling roughly 150,000 sq. toes on the property. That may be practically double the workplace house that exists now on the location.