By Kate Snyder
Seagate Technology is looking to sell and lease back its 574,775-square-foot campus at 47488 Kato Road in Fremont, according to a report by the Silicon Valley Business Journal. Real estate services firm Cushman & Wakefield is representing Seagate, which is seeking $300 million, or about $521.94 per square foot, for the two-story, 31-acre campus.
Located just off Interstate 880, the campus was built in 2010, and Seagate paid $90.3 million for it in 2013.
In Fremont’s East Industrial neighborhood, the campus is located adjacent to Tesla Engineering and near Sonic Manufacturing Technologies, SNA Electronics and ASUS Computer International, according to Google Maps. Public records also show that the property includes 373 parking spaces.
Seagate is based in Ireland with its operational headquarters in Fremont and has for decades been a major firm in the data storage industry. Globally, the firm has 40,000 employees and brings in more than $10 billion in annual revenue, according to its website.
“Seagate’s more than 40-year storage heritage has culminated in a core technology stack that brings hyperscale cost and architectural efficiencies to the enterprise across software, silicon, system, and device innovations,” the website states.
Fremont has seen a significant amount of sales activity in recent months. Earlier this week, Beverly Hills-based Kennedy Wilson sold the 115,537 square-foot, two-building life science property called Fremont Bayside to a joint venture between Paceline Investors and an equity partner. The sales price was $36.25 million, or just under $314 per combined square foot, according to The Registry’s previous reporting. In a separate transaction earlier this year, BioMed Realty sold two of its office buildings to Chicago-based investment group LaSalle Investment Management for $80.5 million.
Earlier this year, Newton, Mass.-based Diversified Healthcare Trust also bought the 88,508 square foot Fremont Labs. The purchase price was $82 million, or roughly $926 per square foot, according to The Registry’s previous reporting. The seller of the property was Jadian Capital, which has offices on the East Coast in both Stamford, Conn. and New York City.