Cisco sells San Jose office buildings but has option to buy them back

"The computer networking giant sold the buildings for $63 million to South Bay Development, a veteran real estate firm, according to documents filed on Dec. 19 with the Santa Clara County Recorder's Office. Cisco Systems sold four north San Jose office buildings with addresses of 260, 300, and 350 East Tasman Drive, and 3750 Zanker Road, as well as two parking garages in the vicinity, the county documents show."

"The buildings are part of Cisco's headquarters campus in north San Jose. The just-sold buildings are the same office sites that Cisco decided to exit in 2024 when it shifted several of its units to an office building in the west San Jose mixed-use Santana Row neighborhood. San Jose-based Cisco moved the tech workers so they could operate more closely with employees of Splunk, a tech company that is a subsidiary of Cisco. Splunk's principal offices are at Santana Row."

"Cisco's purchase also includes an agreement that gives Cisco a right of first refusal to buy some of the buildings under certain circumstances. Because of unique aspects of the property and Cisco's operations in the vicinity of the property, Cisco desires to retain a right of first refusal to purchase building 10 (300 East Tasman) and/or building 11 (350 East Tasman), Cisco Systems stated a document that was filed the same day the purchase deed was recorded."

Cisco Systems sold four north San Jose office buildings and two parking garages to South Bay Development for $63 million, per filings with the Santa Clara County Recorder's Office on Dec. 19. The addresses include 260, 300, and 350 East Tasman Drive and 3750 Zanker Road. The buildings are part of Cisco's headquarters campus in north San Jose. Cisco shifted several units in 2024 to an office building at Santana Row to work closer with Splunk employees. The sale was all-cash and includes a right of first refusal enabling Cisco to repurchase building 10 (300 East Tasman) and/or building 11 (350 East Tasman) under certain conditions.

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