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7/15/21
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In a major Bay Area office investment buy, TMG Partners, in a venture with a Goldman Sachs Asset Management entity, acquired a 446k sf, Class A office campus at 350-380 Ellis St in Mountain View. The seller, NortonLifeLock, is leasing back one of the campus’ five buildings for seven years.
Although the deal value was not officially announced, industry pros have estimated the transaction to be worth around $358 mil.
The property, situated in the heart of Silicon Valley, was constructed with high-quality architectural design and innovative features. Buildings A, B, C and D are each four-story premier, Class A office buildings that are interconnected in a U-shape surrounding the main campus area. The connectivity between all four buildings on nearly every floor provides a unique and walkable corporate environment.
Immediately adjacent, and accessible via both open and covered walkways, is the single-story amenity building (Building E). Campus amenities include open work environments, expansive meeting/conference rooms, kitchen/break areas on each floor, and collaborative space. Additionally, there is a full-service Union 82 Restaurant & Gastropub restaurant and all-hands meeting area in Building E, an on-site multi-story parking structure, a bocce ball court, tennis court, sand volleyball court and numerous outdoor patios.
The recently completed headquarter lobby renovation and Client Experience Center offers best-in-class, curated experience for clients, featuring hospitality suites, briefing/board rooms, technology demonstration rooms, pre-function space, integrated technology as well as a multi-functional outdoor patio. Completed in late 2018, the estimated project cost was $22 mil.
Newmark’s Jon Mackey, Mike Saign and Phil Mahoney are the leasing agents for the property.
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