While a surge in office leasing signals that a recovery is emerging in Silicon Valley’s office market, sales prices for recent office trades indicate that valuations are still trailing the bottom.
Office properties that have traded at bargain-basement prices in recent weeks include a two-building campus in Santa Clara that Los Altos-based Four Corners Properties scooped up in an all-cash deal for about $21M, a 75% discount off its last assessed value.
In January 2024, the 149,100-square-foot campus on Jay Street was valued at more than $80M, according to documents on file with the Santa Clara County Assessor’s Office.
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