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Praedium-South Bay JV Buys Former IDT Headquarters

SANTA CLARA, CA-The 43,700-sf former corporate offices for Integrated Device Technology sits next to a 227,600-sf business the joint venture acquired earlier this year for $21 million.

By Brian K. Miller | Updated on November 15, 2005

SANTA CLARA, CA-The Praedium Group of New York City and its local partner South Bay Development of Campbell, CA have acquired the former headquarters for Integrated Device Technology. The vacant 43,700-sf building sits on two acres contiguous to the Coronado Stender Business Park, a 227,000-sf park the joint venture acquired earlier this year for $26 million, or $113 per sf.

The purchase price for the IDT building was $2.5 million, or $58.14 per sf. Praedium principal Chris Hughes described the investment as an opportunity to bring another property into the Coronado Stender Business Park at an attractive price. These properties are located in the center of Silicon Valley, which is in the middle of a promising business revival that we expect to continue,” he says.

The IDT building, located at 2975 Stender, was built in 1980. IDT vacated the building in July 2005 when it opened its new corporate campus in south San Jose. The broker on the transaction was Doug Yoder of CB Richard Ellis.

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