Ellis Partners has acquired the Mathilda Tech Campus in Sunnyvale for $15.5 million, which is less than half of its estimated $33.8 million value as of January 2024. The campus includes two office buildings with 105,000 square feet of space and is leased to LinkedIn. The acquisition signifies a troubling trend in the Bay Area's commercial real estate market, where declining values reveal significant weaknesses. Notably, the purchase was made quickly, indicating ongoing interest despite market instability, and plans for extensive renovations are in the works.
Ellis Partners purchased the Sunnyvale tech campus for $15.5 million, significantly below its recent estimated value of $33.8 million, highlighting market weakness.
The acquisition of Mathilda Tech Campus by Ellis Partners at a stunning 54% discount from the assessed property value reflects challenges in the Bay Area real estate market.
The office campus attracted multiple buyers quickly, underscoring persistent interest despite the steep decline in property values shaping the current commercial real estate landscape.
Jim Ellis, co-founder of Ellis Partners, noted plans for a significant renovation of the campus to modernize its facade, lobbies, and courtyard areas.
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