Lane Partners buys San Jose complex for $225m

Lane Partners has acquired Brocade Communications’ corporate headquarters in San Jose for $225.5 million.

Brocade sold the properties in four transactions to separate affiliates controlled by Lane Partners.

The Brocade complex consists of three office buildings, totaling more than 541,000 square feet.

During the third quarter of 2017 office activity was steady in the Silicon Valley, registering a total of 3 million square feet of gross absorption, according to Colliers International. With the strong demand measured during the third quarter of the year, gross absorption year to date totals 9.3 million square feet in the Silicon Valley office market. In only three quarters, the office market has surpassed the 7.9 million square feet of demand measured in all of 2016.

As anticipated, the Silicon Valley office market recorded another occupancy gain during the third quarter, measuring 1.4 million square feet. This is the 21st straight quarter that the office