Meta’s Sunnyvale Office Campus Sells at Double Its 2021 Price
Transaction underscores strength of Silicon Valley market even as parts of the tech industry work remotely.
The Sunnyvale campus includes four office buildings, two parking structures and recreational space.
Photographer: John Peters PhotographyA Silicon Valley office campus leased in December to Meta Platforms Inc. is selling for twice the price paid last year when Tishman Speyer acquired the property, a sign of confidence even as the tech industry’s return-to-office plans lag.
CommonWealth Partners, a Los Angeles-based investment firm with $10 billion in US real estate, bought the property from Tishman, according to a statement Thursday. The sale price was $707 million for the 719,000 square-foot (67,000 square-meter) complex, according to a person with knowledge of the deal who asked not to be named citing confidential details.
Tishman paid $356 million last April for the then-vacant former NetApp Inc. campus of four office buildings, two parking structures and recreational space. In December, Facebook parent Meta leased the entire complex.