A recently renovated creative office property has been listed for sale in the heart of Silicon Valley. According to the CBRE marketing brochure, which has the listing, the commercial asset encompasses a total of 28,000 square feet located on a 0.34 acre lot at 298 S Sunnyvale Ave. in Sunnyvale. The property is listed on a best offer basis, with the pricing guidance of $11 million, or approximately $393 per square foot.
Public records indicate the seller, Palm Beach Gardens-based Westbrook Partners, purchased the property in 2021 for a total of $10.9 million. In 2022, the owner took out a $15.6 million loan with Wells Fargo.
The CBRE team in charge of the marketing of the commercial property includes Matt Post, Anthony DeLorenzo, Joe Moriarty and Kyle Kovac.
The marketing brochure shows the office building was originally built in 1978 and completely renovated in 2024. CBRE believes its open floor plans cater to tenants seeking an inspiring and efficient workspace, with the building repositioned to attract either an investor looking to expand their portfolio or an owner-user aiming to establish a headquarters in Silicon Valley’s business environment. According to recent CBRE data, close to 60 percent of current tenant requirements in Silicon Valley fall within the size range of the asset on offer.
The creative office property has access to numerous amenities and transportation hubs. It is situated less than half a mile from the Downtown Sunnyvale Caltrain station as well as within a short distance of California State Route 82, Central Expressway and US Highway 101. Additional transit options like The Lawrence Caltrain station and California State Routes 237 and 85 and US Interstate Highway 280 are also close.
The CBRE Silicon Valley Office Snapshot for the third quarter of 2024 shows the area reported a 20 percent overall vacancy rate, reflecting continued challenges in space utilization. Among the significant office sale transactions in Silicon Valley this quarter, Microsoft Inc. led with its acquisition of 643,622 square feet at 1065-1085 La Avenida Street in Mountain View. This Class A property was purchased for $330 million, translating to $513 per square foot, with Microsoft positioning itself as a user of the space. Another notable transaction involved DivcoWest, which bought 189,974 square feet of Class A office space at 600 Clyde Avenue in Mountain View for $108.1 million, equivalent to $569 per square foot.
