Huge deal: Nokia-leased Sunnyvale building is bought by veteran investor

SUNNYVALE — A big-time Bay Area real estate company has bought a modern office building in Sunnyvale that is leased to Nokia in a deal that shows investors are placing bets on a solid future for Silicon Valley.

GI Partners, acting through an affiliate, has bought a recently completed office building at 520 Almanor Ave. in the Peery Park district of Sunnyvale for $254 million, according to public documents filed with the Santa Clara County Recorder’s Office on July 20.

The building totals 230,000 square feet and was developed by Lane Partners.

The property purchase was accomplished through a grant deed and an assignment of a ground lease for the land beneath the gleaming new office building.

“The deal shows that people believe the office market will be back in Silicon Valley,” said David Sandlin, an executive vice president with Colliers, a commercial real estate firm.

 

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Source:: The Mercury News – Latest News

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