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Landbank Fills Empty 55,000-SF Building

SUNNYVALE, CA-While in escrow to purchase a 55,000-sf building here recently from publicly traded Mercury Interactive, Landbank Investments of Menlo Park leases the entire building to Spirent Communications Inc.

By Brian K. Miller | Updated on January 25, 2005

SUNNYVALE, CA-Landbank Investments of Menlo Park recently acquired a 55,000-sf single-story R&D office building here that it leased up while the deal was in escrow. The seller was publicly traded Mercury Interactive of Mountain View. The new occupant is Rockville, MD-based Spirent Communications. Landbank Investments principal Scott Jacobs tells GlobeSt.com that Spirent inked a 5.5-year lease at about $1.02 per sf per month. He did not reveal his company’s purchase price for the property. The assessed value is about $9 million ($2.8 million for the land and $6.2 million for the building), not including about $2.4 million in fixtures, according to the Santa Clara County Assessor’s Office.Mercury put the building on the market mid-year 2004 after it relocated its headquarters to Mountain View. Mercury had four buildings in Sunnyvale. Last January, it sold two of the buildings, totaling about 50,000 sf, for about $2.7 million. The building just sold to Landbank was built out 100% for office. No sale has been announced for the fourth building.Spirent previously was located down the street from the building in an AMB Property-owned business park, says Jacobs. “We didn’t have Spirent when we tied it up,” says Jacobs. “It was truly a spec deal.”

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