Santa Clara – A Tech Campus in Santa Clara landed a brand new owner when buying a property, which indicates that the values of the office market will proceed to shake initially of 2025.
Four Corner's Properties, an actual estate investment company based in Los Altos, under the direction of Bruce Burkard, bought the office center in Jay Street via an all-cash deal for nearly $ 21.2 million, an office grant certificate from Santa Clara County County.
The price was 1 / 4 of its previous value.
From January 2024, the Tech Campus had an estimated value of 80.1 million US dollars, as stated from documents on the Santa Clara County Assessor's office.
The Tech Campus has addresses with 3250, 3250 and 3270 Jay Street and is positioned near the exchange of the US Highway 101 and the San Tomas Expressway. According to the business real estate company Colliers, the two-building complex amounts to 149,100 square foot.
The buildings were previously the ServiceNow headquarters, a software company that provides cloud-based services. In recent years, ServiceNow has moved his headquarters to a brief path to a Santa Clara location within the Lawson Street.
It was not immediately clear whether the campus was empty on the time of the transaction.
Sacking values in business properties are able to turn into an expanded challenge for the town, district and regional agencies of Bay Area and for public school districts that depend upon income taxes.
Despite the challenges of getting an office complex in a tough market, there are 4 corner objects on its website that it was successful in each heights and downs within the business real estate sector.
“We navigated several market cycles,” said the corporate. “We strive to maximize the value for our investors.”
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