Large-scale real estate transactions in Sunnyvale have given rise to new hope that the Silicon Valley commercial office space market may begin to recover after being completely upside down due to working from home during a pandemic. .. The large, modern office building currently rented by Nokia has been acquired by a prominent Bay Area real estate company.
by Mercury NewsAn affiliate of the company “GI Partners” appears to have paid $ 254 million for a recently constructed building on 520 Almanor Avenue in the Peery Park district of Sunnyvale. Nokia occupies the entire 230,000-square-foot building developed by Lane Partners.
“We are very pleased to have completed the project and successfully survived the COVID-19 pandemic. Nokia’s nice looking buildings and great tenants have come to the other side of the pandemic,” said Nick Menschel of Lane Partners. Told Mercury News. The price of the building is worth about $ 1,100 per square foot, and analysts say it shows a healthy prospect for prices in the Silicon Valley office space market.
David Sandrin of the commercial real estate company Koreas told Mercury News: The deal demonstrates the health of the Silicon Valley office market. ”
by Silicon Valley Business JournalThe space under the building for sale is owned by Pace Properties and includes approximately 7,000 square feet of outdoor terrace and approximately 4,000 square feet of retail or cafeteria space. So far, it’s unclear if tenants are lined up in the space on the ground floor.
The Peery Park district of Sunnyvale has experienced a recent surge in real estate transactions after three major moves. Apple, along with fellow technology companies Proofpoint and Synopsys, is currently leasing a large amount of office space in the area.
Sunnyvale’s large-scale real estate purchase brings new optimism to the office
Source link Sunnyvale’s large-scale real estate purchase brings new optimism to the office