"The creator of ChatGPT is discussing an agreement to rent a campus consisting of five buildings with addresses of 350 and 380 Ellis St., according to several sources familiar with the situation. The campus totals 449,000 square feet and has been described as an exquisite office hub, according to a brochure circulated for the site. OpenAI is seeking to lease the entire campus, according to sources, who spoke on the condition of anonymity because they weren't authorized to discuss the matter."
"KKR Real Estate Finance Trust seized ownership of the office hub through a deed in lieu of foreclosure posted in July 2024. The foreclosure proceeding placed a value of $120.6 million on the property, one-third of the $357.6 million that a group of real estate investors paid in 2021. The diminished cost basis for the complex could enable KKR Real Estate to offer attractive rents to entice prospective tenants such as OpenAI and other companies."
OpenAI is eyeing a lease for a five-building office campus at 350 and 380 Ellis St. in Mountain View totaling 449,000 square feet, large enough to house well over 1,000 workers. The company is seeking to lease the entire campus described as an exquisite office hub in promotional materials. Newmark brokers Phil Mahoney and Jon Mackey are marketing the property but declined to comment about leasing. KKR Real Estate Finance Trust took ownership via deed in lieu of foreclosure in July 2024 and placed a $120.6 million value on the property, enabling potentially attractive rents. TMG Partners worked with KKR on repositioning.
Read at www.mercurynews.com
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