Transactions - MAY 19, 2014

Google pays $250m for Northern California office campus

by Andrea Waitrovich

Google is to buy a 397,510-square-foot office park in Mountain View, Calif., for approximately $250 million, or $626 per square foot. The transaction marks one of the largest Silicon Valley real estate acquisitions this year.

The 24-acre office site, located at 1101 W. Maude Ave., was sold by Deutsche Asset & Wealth Management, formerly known as RREEF Funds, which acquired it in a portfolio acquisition in 2006.

The four-building campus was built in the 1980s, and it currently serves as the headquarters of Synopsys. Google has plans to redevelop the site.

Google has been actively expanding its presence in Northern California’s Silicon Valley. The company owns real estate from Palo Alto to Sunnyvale.  

This year in Mountain View, Google has acquired a 14,256-square-foot industrial property at 405 Clyde Ave. from Balco Properties and the 46,488-square-foot Elance Headquarters at 440 Clyde Ave. from Dostart Development Co.

In Palo Alto, Google purchased the 23,000-square-foot 1053 E. Meadow Circle, the 43,188-square-foot 1000 Elwell Court and the 19,700-square-foot 1076 E. Meadow Circle.

During 2013 Google acquired nine properties located in the Mountain View and Palo Alto areas for approximately $364.7 million, according to data collected by Real Capital Analytics. The highest priced asset was Gateway Center in Mountain View;. the 236,402-square-foot office was purchased for $138 million from Equity Office as part of a three-property acquisition. The other assets in the transaction were Mountain View Technology Center for $82.2 million and OpenTV R&D for $15 million.



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