MOUNTAIN Perspective — An “exquisite” Mountain Perspective tech campus in a lively Silicon Valley tech hub has been purchased by an alliance of veteran serious estate corporations.
TMG Associates and a authentic estate unit of Goldman Sachs have teamed up to purchase a five-constructing workplace complicated on Ellis Street in Mountain Watch for $357.6 million, in accordance to documents submitted on July 15 with the Santa Clara County Recorder’s Office.
NortonLifeLock, a tech titan formerly recognized as Symantec, sold the 5 buildings in an all-cash offer to TMG and Goldman Sachs, which acted via affiliate Ellis Street Owner, the county information confirmed.
“TMG sees this acquisition of a totally amenitized campus as an suitable addition to our portfolio and larger Silicon Valley system for accommodating the evolving workforce in this market place,” mentioned Ben Kochalski, a regional companion with TMG, a San Francisco-centered actual estate and improvement company.
The 5 buildings that have just been bought were being part of a portfolio of 10 structures in the Ellis Street portion of Mountain Perspective that NortonLifeLock made available for sale as a group in January 2020.
NortonLifeLock had required to market the total portfolio at the same time to a single buyer but rather has wound up endeavor the gross sales of the 10 buildings in individual chunks.
In April 2021, an alliance of Bay Area developer Steelwave and New York Town-centered actual estate trader Angelo Gordon & Co. paid out NortonLifeLock $100.5 million for two properties on Whisman Highway in Mountain View.
Nonetheless unsold: a intricate at 455, 487, and 501 E. Middlefield Highway, which is made up of older office environment and research properties, as nicely as a facts center. These three structures full 128,000 sq. ft.
The five buildings that have been acquired this 7 days by TMG and Goldman Sachs were deemed to be the most attractive portion of the 10-building portfolio, in accordance to a flyer circulated in 2020 by Cushman & Wakefield, a professional real estate agency that has been managing the sale of the homes on behalf of NortonLifeLock.
“The cornerstone of the portfolio” is the “exquisite” five-building headquarters elaborate on Ellis Avenue, the brochure mentioned.
The lobby was recently renovated and the headquarters website provides amenities prized by today’s tech companies, according to the Cushman & Wakefield brochure. The foyer renovation price $22 million.
“Campus facilities involve open up function environments, expansive assembly and conference rooms, kitchen and break spots on every single ground, and collaborative house,” TMG Partners stated.
The tech campus also features a close by features developing
“There is a full-service Union 82 Cafe & Gastropub restaurant and all-fingers assembly area” in a person of the buildings, TMG Companions mentioned. “A bocce ball court docket, tennis court, sand volleyball court docket, and quite a few outdoor patios” are also involved at the internet site.
NortonLifeLock has agreed to lease one of the structures. About 70% of the campus is vacant.
Newmark business authentic estate brokers Jon Mackey, Mike Saign, and Phil Mahoney are leading the leasing efforts for the large office environment campus.
“With Newmark primary our leasing outreach, we believe that the interconnectivity of the campus, the indoor/out of doors facilities, and the adherence to health and fitness and wellness at the place of work will entice ideal-of-breed organizations,” Kochalski said.