CBRE Global Investors JV buys Netflix HQ for $192m
CBRE Global Investors and its joint venture partner, Germany-based WealthCap Management, are under contract to purchase Netflix’s 242,500-square-foot headquarters campus in Los Gatos, Calif. An official statement has not been released; however, Real Capital Analytics estimates the sales price for the office campus to be $192 million, or $792 per square foot.
Netflix has signed a 10-year triple-net lease on the property that begins this year and ends in 2025. Construction of a five-story parking structured is planned.
WealthCap is a fund manager based in Germany and a wholly owned subsidiary of Italy-based UniCredit Bank AG.
Separately, CBRE Global Investors purchased a four-property office portfolio in Sunnyvale, Calif., for $58.5 million from Mozart Development.
Another recent investment in Silicon Valley is the purchase by Prudential Real Estate Investors of the Cupertino Gateway office property in Cupertino, Calif., from Hong Kong&nd