Technology companies buy real estate
Two technology companies have made real estate purchases in the San Francisco Bay Area for a total of more than $230 million.
Hudson Pacific Properties has sold its Bayhill Office Center in San Bruno, Calif., to YouTube for $215 million. The REIT had acquired the 554,328-square-foot class A office campus in April 2015 from The Blackstone Group as part of a portfolio of assets in the San Francisco Peninsula and Silicon Valley regions. The latest sell-off underscores huge demand for top-quality office space along the Peninsula from leading technology firms across the globe.
And Google purchased the former headquarters of Essex Property Trust in Palo Alto, Calif., from the apartment REIT for $18 million.
Recently, Facebook purchased a 11-building complex in Menlo Park, Calif., for $202 million.