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December 5, 2023
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NORTHERN CALIFORNIA NEWS
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GI Partners Buys 230k sf Silicon Valley Office Asset

7/23/21

In a major office buy in Silicon Valley, GI Partners has acquired a 230k sf building located at 520 Almanor Ave in Sunnyvale. Industry pros estimate the transaction value to be around $254 mil, which averages out near $1,100/sf. The property, sold by Lane Partners, is fully leased to Nokia in a deal that was signed back in 2018.

The trade for the four-story office building includes 4k of ground-floor retail along with 7k sf of landscaped outdoor space. The improvements sit on over four acres in Sunnyvales Peery Park neighborhood, but the land was not part of the sale. Lane had signed a 99-year ground lease just a few years earlier, in 2017, in a separate deal worth over $16 mil with Pace Properties.

The development, designed by KSH Architects, was completed in the fourth quarter of 2020. The project features LEED Gold construction with 16 clear-height ceilings on the ground floor and 14 clear-height ceilings on the upper floors.It was built by Truebeck Construction.





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