Sunnyvale — Ripe for redevelopment and located in one of Silicon Valley’s hot spots, the Sunnyvale site has been purchased by a veteran real estate firm.
Ellis Partners, acting through affiliates, purchased 335 E. Moffett Park Drive, according to documents filed with the Santa Clara County Recorder’s Office on September 16.
The veteran Bay Area development firm paid $28 million for the two buildings, county documents show.
San Francisco-based Ellis Partners purchased the building with all cash, according to county records. Ellis Partners did not immediately respond to a request for comment regarding this situation.
Los Gatos-based Cilker Orchards Management was the seller.
The building is part of Sunnyvale, which has become one of Silicon Valley’s hottest spots for development, leasing and commercial real estate buying activity.
Among the prominent property owners or tenants near the place you just purchased:
— Google owns or leases a series of office buildings and other properties near or adjacent to properties currently owned by Ellis Partners.
— Meta Platforms, owner of the Facebook app, signed a lease for a massive 719,000-square-foot campus called Moffett Green, located 800 meters (0.5 miles) away. Meta Platforms is another mega campus tenant in Sunnyvale.
— The same Moffett Green campus was purchased by Commonwealth Partners in June for $707 million. In 2021, the seller of that deal, Tishman Speyer, bought the campus for his $365 million and quickly acquired Meta Platforms as a tenant, dramatically increasing the value of the campus.
— Apple and Amazon also lease many of Sunnyvale’s sites, and Apple has also purchased some of Sunnyvale’s modestly sized sites.
— Jay Paul Co., one of the Bay Area’s most experienced and successful developers, has built multiple office buildings in the area and has owned tech giants such as Google, Amazon, and Facebook app owner Meta. was acquired as a tenant.
The true value of the property purchased by Ellis Partners could be the five acres of land beneath the two buildings, totaling 88,900 square feet.
Replacing it with modern office buildings could potentially create a modern campus with a total of about 150,000 square feet on site. This is almost double the office space we currently have on site.