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TMG Partners, Fortress Buy Cisco Complex

SAN FRANCISCO-While sources involved could not disclose a sales price, GlobeSt.com learns from unidentified sources that the price tag was around $154 million for the complex.

By Natalie Dolce | Updated on September 18, 2013

SAN FRANCISCO-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that while sources involved could not disclose a sales price, an unidentified industry source tells us that TMG Partners and Fortress paid around $154 million for Cisco’s eight building complex in San Jose, CA.  The eight office/R&D buildings are currently occupied by Cisco and totaling approximately 810,600 square feet on Tasman Drive.

Cisco, which will be leasing back the entire eight–building campus at closing, will vacate the property incrementally over time starting in January 2014 to accommodate a complete renovation of the buildings. Improvements will include extensive landscaping and exterior façade modifications, new site monuments and signage, parking lot and common area upgrades, including new seating and outdoor meeting areas.

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