Event with somewhat unpredictable market conditions, there is still interest in Silicon Valley real estate. In one recent example, R1RCM, a Utah-based provider of healthcare technology services, has put down $27,603,500, or roughly $465 per square foot, to acquire two buildings in Sunnyvale located at 130 and 139 Kifer Court. Public documents confirmed the sale closed on July 12.
The seller was Sutter Health’s Bay Medical Foundation.
The two properties combined measure approximately 59,364 square feet in size. They are located in a mixed use neighborhood along the intersection of Kifer Road and North Wolfe Road.
The buyer, based in Murray, Utah, a suburb of Salt Lake City, is leading provider of technology-driven solutions that transform the patient experience and financial performance of healthcare providers, according to the company’s website. This month the company also announced a 10-year partnership with Sutter Health in which 1,150 Sutter revenue cycle employees, all in non-clinical roles, will be offered comparable positions, pay and benefits with R1, according to a statement by the company.
The jobs in California are expected to remain in the state and, in many cases, employees will have additional opportunities to advance their careers given R1’s focus on revenue cycle management, the company said in a statement. It is likely that this acquisition is related to this announcement.
Headquartered in Sacramento, Calif., the Sutter Health system provides access to high quality, affordable care through its network of hospitals, medical foundations, ambulatory surgery centers, urgent and walk-in care centers, telehealth, home health and hospice services, according to the company. Sutter Health’s network supports more than 3 million Northern Californians in communities across 22 counties.