A huge Sunnyvale tech campus has been bought for roughly $100 million in a deal that shows weakness of the Bay Area office sector.
SUNNYVALE — A huge Sunnyvale tech campus has been bought for roughly $100 million in a deal that shows interest in Silicon Valley real estate — yet also underscores the Bay Area office market’s feeble state.
Yet the purchase also is a reminder that the Bay Area office market totters at the edge of an economic abyss of plunging values, faltering rents, rising foreclosures, sky-high interest rates, and tough financing markets. Tech companies were expanding rapidly and seemed to be hiring new employees as fast as recruits could fill out applications.
The final price of $100.8 million was a jaw-dropping 46% below the property’s purchase value just five years ago. In Oakland, multiple office buildings have either been returned to their lenders or are in varying stages of default on their failed loans.
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