PMC Sierra Buys, Flips Office Building to End Lease Obligation

SANTA CLARA, CA-PMC-Sierra Inc. has completed the purchase and resale of the Mission Towers Two building in Santa Clara, relieving the publicly traded company of a $215-million lease obligation. The maker of semiconductor chips for broadband communications says it lost $102 million in the transaction.

The 12-story, 282,000-sf office building is located at 3985 Freedom Circle. PMC-Sierra acquired the building from WHTS Freedom Circle Partners LLC, a joint venture of Tishman Speyer, Travelers Real Estate Venture and Whitehall Street Real Estate Limited Partnership IX. The entity that acquired the building from PMC-Sierra was not released by PMC and was not otherwise immediately available. The transactions were brokered by Colliers International SVP CarlaLindorff.