By Meghan Hall
Miramar Capital has sold off a set of Mountain View office buildings formerly leased to Quotient Technology as a potential redevelopment project comes to fruition. According to reporting by the Silicon Valley Business Journal, Miramar Capital sold 400 Logue Ave. for $52.8 million. The buyer of the property was an entity affiliated with Irvine, Calif.-based 400 Logue Owner LLC.
Miramar Capital originally acquired the asset in 2017 for $31 million. Currently, 400 Logue is developed with a 42,210 square foot building originally constructed in 1978. The Class B property includes 2.55 acres and 164 parking spaces, according to CommercialCafe. The building was previously occupied by Quotient Technology, an advertising technology firm. Quotient leased the building for one year at a base rent of $101,280 before relocating its headquarters to Salt Lake City, Utah.
Last summer, the Mountain View City Council unanimously voted to approve a new housing project on the site–the first of its kind in the East Whisman neighborhood. In all, the project totals 408 units and rises eight stories.
The project was not met without questions from the Council, despite the unanimous vote. Councilmembers questioned the development team after the project changed significantly from its original iteration. When first pitched, the project was to include 134 ownership units and 236 rentals. In the final version, the ownership units were nixed and while some units would be available for middle-income families, just 24 would be available for low- and very-low income households.
At the time, Miramar Capital stated that financing difficulties and construction costs contributed to the change of plans. It is unclear whether the new owners will move forward with the previously approved plans. However, as of this month, the project still remains on Mountain View’s “Active Developments” list.