Ellis Partners acquired a tech campus in Sunnyvale for $15.5 million, significantly less than its assessed value of $33.8 million. The property encompasses two office buildings totaling 105,000 square feet and features a courtyard. Plans for substantial renovations include upgrades to the facade and common areas. LinkedIn has leased the space, and both buildings are available for subleasing. The purchase reflects growing confidence among investors in the leasing market, amid brisk interest from potential buyers.
The campus consists of two office buildings and a courtyard, totaling 105,000 square feet, and is set for a significant renovation and modernization.
Ellis Partners purchased the campus for $15.5 million, 54% below the assessed value of $33.8 million, indicating a potential market opportunity.
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