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Yahoo! Land Grab Valued at $100M

SANTA CLARA, CA-The chief executive officer of the seller tells GlobeSt.com that the 46-acre chunk of land will be a major office campus for the Internet company in three or four years.

By Brian K. Miller | Updated on July 12, 2006

SANTA CLARA, CA-The price tag for the 46-acre assemblage being acquired by Yahoo! Inc. here is around $100 million, GlobeSt.com has learned. The deal was reported earlier this week but GlobeSt.com has since learned the price and discussed the plans for the property with Michael Covarrubias, the chief executive of the seller, San Francisco-based TMG Partners.

Yahoo! closed on 42.5 acres late last week and expects to close on the remainder in the next few weeks. The property holds some 600,000 sf of single-story R&D-type buildings. Some of the early reports this week suggested the price of the property was in the $50-million range, but a reliable source tells GlobeSt.com the total price tag “is double that amount.”

Michael Covarrubias, the chief executive of the seller, San Francisco-based TMG Partners, declined to confirm the price but tells GlobeSt.com that the Internet company’s plans are to eventually raze the buildings and replace them with approximately 2.5 million sf of class A office space in multiple mid-rise buildings.

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