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GlobeSt.com UPDATE: CarrAmerica Closes First Street Tech Center Sale

SAN JOSE, CA-RAE Systems Inc. of Sunnyvale pays CarrAmerica $5 million for the vacant 67,582-sf building here that will become its world headquarters early next year.

By Brian K. Miller | Updated on December 20, 2004

SAN JOSE, CA-RAE Systems early next year will relocate its world headquarters to a 67,582-sf building here that it purchase last week from CarrAmerica Realty Corp. Located near highway 237 at 3775 North First St., the vacant single-story building was acquired for $5 million. RAE is a publicly traded manufacturer of chemical detection monitors and multi-sensor networks for homeland security and industrial applications. The company is currently headquartered in nearby Sunnyvale at 1339 Moffett Park Dr. RAE officials say they expect to make the move to the new location during the first quarter of 2005. Approximately 150 people will work at the new facility, which includes 268 parking spaces.Washington, DC-based CarrAmerica says it lost $2.2 million on the transaction. Company executives say the disposition was part of the company’s effort to focus only on class A properties and that proceeds from the sale will be used for new acquisitions in the market. So far this year, the company has acquired eight class A office buildings in Silicon Valley for a combined purchase price of $198.9 million.

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