Image with thanks to Yardi research data
FH One Investments has taken over the Synaptics headquarters, an office campus of 111,000 square feet in San Jose, California. The company paid $ 29.5 million for the active, or $ 265 per square foot. South Bay Development sold it actively, according to Yardi Research Data. Newmark represented the seller, as well as the buyer in the transaction.
South Bay Development bought the property for the first time in 2011 for $ 6 million from NXP Semiconductors, shows the same source. In the following years, the active owner changed the owner several times between the company and the synaptic, first in 2012 and finally in 2022, when South Bay again bought the campus for $ 37.9 million.
Completed in two phases between 1984 and 1990 on a 24 -hectare site and completely renovated three years ago, the building consists of three two -storey buildings and has average floor plans of 39,321 square foot. Synaptics occupies the entire campus.
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Located on 1109 and 1151 MCKAY Drive, the building has access to Interstates 880 and 680, as well as Highway 101. The San Jose Mineta International Airport and the city center are within 3, 4 miles, respectively. Other large companies in the area are Google, Microsoft, Samsung, Dell and Johnson & Johnson.
Newmark Executive VICE chairman and President Steven Golubchik, together with Vice chairman Edmund Najera, general director Darren Hollak and associated director Brendan Raney on behalf of both the seller and the buyer in the transaction.
Bay Area Office Investments Surge
From June, the rates of the office list in the Bay Area clock at $ 51.93 per square foot, with 2.5 percent on an annual basis, while the national average rose by 3.8 percent to $ 32.87, according to the latest Yardi Matrix report. Office vacancy in the region climbed to 25 percent during the same month, an increase of 420 basic points for a period of 12 months.
The market led to June up to and including the turnover of the year-to-date office and registered nearly $ 3.2 billion in assets that change owners with an average of $ 387 per square foot, which remained under the most expensive in the western region.
One of the recent deals is the acquisition of Ygnacio Center by Hall Equitionies Group, an office campus of 529,612 square feet in Walnut Creek, California. The company paid $ 111 million for the complex with three building.
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