As the Silicon Valley office market show signs of recovery, a transit-oriented R&D campus in Sunnyvale is being offered at a 26% discount to its last trade in 2019.
A partnership between Goldman Sachs and Hines is asking for $140M for the seven-building, 435K SF Sunnyvale Park Place, which encompasses 22 acres at 490 and 510 Guigne Drive and 920-960 Stewart Drive, just off the Lawrence Expressway in Sunnyvale, according to a Green Street alert.
At a $322 per SF price, a buyer's initial annual yield would be 6.5%, the report said. The partners also are willing to accept separate bids for the East Campus and West Campus at the Sunnyvale campus, which was building 1998. The estimated value of the 206K SF East Campus is $62M, while the West Campus is expected to attract bids of $78M.
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