MOUNTAIN See — Two significant Symantec business structures have been acquired by an alliance of veteran serious estate corporations that could redevelop the Mountain Watch parcels.
Bay Place developer Steelwave and New York Town-based mostly serious estate investor Angelo Gordon & Co. management the affiliate that purchased two structures on North Whisman Road in Mountain Perspective, according to Santa Clara County data filed on April 2.
Arizona-primarily based NortonLifeLock, a application agency when recognised as Symantec — the creator of the Norton safety software plans — offered the structures to the genuine estate alliance.
The Steelwave and Angelo Gordon team paid $100.5 million for the two structures, which have addresses of 515 N. Whisman Road and 545 N. Whisman Road, county residence documents display.
For a lot more than a yr, NortonLifeLock has been trying to promote a enormous portfolio of 10 workplace buildings in Mountain Look at, in accordance to a promoting brochure circulated in early 2020 by Cushman & Wakefield, a professional real estate business.
At a single level, NortonLifeLock sought a single buyer for all 10 properties. Actual estate resources imagine that a deal fell via for a 10-building purchase soon just after coronavirus-joined company shutdowns started in the spring of 2020.
The two just-purchased properties on Whisman Road are part of that original portfolio. With each other, the two Mountain Watch buildings that have just been acquired total about 154,400 sq. feet. Every setting up totals about 76,200 square feet.
Probably of greater value than the structures is the land beneath them. The parcels whole a merged 10 acres.
Some of the zoning principles that empower increased-density redevelopment in the area could make it possible for the design of an office elaborate of 300,000 sq. toes — double the measurement of the existing places of work. Some situations could allow for even greater density.
The potential buyers also acquired a funding offer that will allow them to faucet up to $102 million from the mortgage, the county paperwork clearly show. That personal loan matures in April 2024. The financial institution is an entity termed Parlex 2A Finco, which is a device of Blackstone Mortgage loan Believe in, a real estate financier.
In gentle of the just-concluded buy, it now appears that any assets income involving the portfolio would take place in a piecemeal manner and not entail all 10 properties concurrently.
Google occupies various structures subsequent to the attributes that have been place up for sale. The look for giant’s proximity to the structures that went on the current market created it a candidate to order one or extra of the web sites.
The remaining eight properties in the first gross sales deal are clustered into two groups:
— a 5-developing cluster at 350 Ellis St. that is described as the headquarters campus and totals 428,000 sq. ft.
— a intricate at 455, 487, and 501 E. Middlefield Street, which includes more mature business office and investigation properties, as well as a data middle. These 3 properties total 128,000 sq. feet.
“It is a sturdy preference of the seller for a person buyer to get the entire portfolio,” the Cushman & Wakefield brochure mentioned. Even so, the providing deal also stated “Individual provides on the numerous factors may possibly be deemed.”
Symantec, which was established in 1982 in Sunnyvale, had preserved its headquarters in Mountain Look at for several years.
According to a Securities and Trade Commission filing, the company’s headquarters have been nonetheless deemed to be in Mountain View as of the conclude of August 2019.
However, by November 2019, the company’s headquarters were being stated as remaining in Tempe, Ariz., an SEC submitting disclosed. Through that exact same thirty day period, NortonLifeLock turned the official identify of the business.