Google to Spend Additional $245.5MM on Three Sunnyvale Properties

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By Vladimir Bosanac

Google’s appetite for real estate seems unabated.

After NetApp announced earlier this week that the Mountain View technology behemoth was spending $318.7 million, or close to $837 per square foot, to purchase three buildings and unimproved land around them, Google seems to want more. Fortune Magazine got its hands on an internal email between CBRE Director Todd Frye and his colleagues, where a deal for additional $245.5 million would be closing imminently.

The three buildings are 215 Moffett Park Dr. and 1190 Borregas Ave., which are owned by Rockwood Capital, and 270 E Caribbean Dr., which is owned by Walnut Hill Capital LLC.

Rockwood acquired the Moffett Park Dr. property from Applied Micro Circuits Corporation in March of 2014 for $40.8 million, according to public documents. The 1190 Borregas Avenue building was bought as part of a portfolio purchase that Marin County Employees’ Retirement Association sold in early 2015.

Walnut Hill Capital purchased 270 E. Caribbean Dr. from Iron Construction, its former headquarters, in February of 2016 for $11.5 million, or $425 per square foot.

According to Fortune, Google will spend $225 million for the Rockwood properties and another $20.5 million for the Caribbean Drive building.

West Coast Commercial Real Estate News