LinkedIn Buys Sunnyvale Assets for $122.8MM, Leases Another, Growing Footprint Near HQ

LinkedIn, Catalyst, Sunnyvale, Invesco, Scios, Harvest Properties, Meta,
Courtesy of Harvest Properties

By Meghan Hall

LinkedIn is continuing to expand in Sunnyvale, keeping its growth close to its headquarters and the heart of Silicon Valley. In a deal that was finalized at the end of last week, LinkedIn has acquired several Sunnyvale buildings for $122.8 million, and leased another, according to reporting by The Mercury News.

The buildings that LinkedIn acquired are located at 810, 820 and 870 W. Maude Ave., while the building that LinkedIn leased is located at 684 W. Maude Ave. Together, the buildings are all part of the same development, dubbed “Catalyst.”

Phase One of the development included 684 W. Maude, which totals 195,000 square feet and is available “immediately” according to a marketing flyer obtained by The Registry. Phase Two, which includes 810 W. Maude and 870 W. Maude, will be ready for occupancy in the second quarter of 2023. The buildings will each total 188,761 square feet. The buildings will all feature automated, hands-free doors, antimicrobial finishes, touchless lighting and more. The development also features a curated event lawn, informal outdoor office, retail and coffee kiosk and outdoor kitchen.

820 W. Maude Ave. is located just up the road and while part of Catalyst, will be the only existing building within the development. The Class B structure was originally constructed in 1974 and totals 52,000 square feet, according to CommercialCafe. It sits on 3.5 acres and is occupied by Scios, which is owned by Johnson & Johnson.

Public records show that the buildings were previously owned by Invesco and Harvest Properties. The pair of firms acquired the 14.4 acre site in the spring of 2019 for $120.5 million.

The tech industry has been busy wheeling and dealing over the past several weeks, solidifying a number of deals within the market. Meta–formerly Facebook–leased 1.24 million square feet at Crossman Drive in Sunnyvale and Innovation Point in Burlingame. In another deal, AGC Equity Partners spent $780 million to buy several buildings within San Jose’s Coleman Highline. The buildings are currently leased to Yahoo. The deals have proven to be significant not just because of their size, but for the positivity they have injected into the market as discussions continue to swirl about a Bay Area exodus and the spread of the Omicron variant. 

West Coast Commercial Real Estate News