MOUNTAIN View — A tech titan has struck a deal to offer a big business office campus in Mountain Check out, part of the company’s ongoing endeavours to unload 10 structures in Silicon Valley, according to a regulatory submitting.
NortonLifeLock, previously Symantec, has agreed to offer its major business office advanced in Silicon Valley for $358 million in cash, a filing with the Securities and Exchange Fee demonstrates.
TMG Associates, a veteran Bay Region real estate developer and trader, intends to get the 5-building campus, which has addresses of 350 by way of 380 Ellis St. in Mountain View, according to the SEC files that ended up filed by NortonLifeLock.
The 5-building campus was explained as “exquisite” in a January 2020 advertising brochure from professional real estate firm Cushman & Wakefield.
“The sale settlement provides that the sale of the Ellis Road property will shut on June 30, 2021,” the SEC submitting stated.
Arizona-dependent NortonLifeLock has been attempting to offer 10 properties in Mountain Perspective, including the five that are thanks to be sold by the stop of this month, according to a income brochure circulated in January 2020 by Cushman & Wakefield.
The 1st group of the 10 properties was bought from NortonLifeLock roughly two months back.
In April 2021, an alliance of Bay Place developer Steelwave and New York Town-based authentic estate investor Angelo Gordon & Co. paid out NortonLifeLock $100.5 million for two buildings on Whisman Road in Mountain Perspective.
However unsold: a elaborate at 455, 487, and 501 E. Middlefield Street, which contains more mature office environment and investigation structures, as very well as a details center. These a few structures overall 128,000 sq. ft.
In the newest deal for the 5 structures, TMG Partners agreed to lease again to NortonLIfeLock one particular of the buildings. The SEC submitting did not specify the handle other than to refer to the structure as “Building C.”
The lease is slated to very last for 7 a long time, despite the fact that provisions had been designed for an early termination, the SEC filing confirmed.
“The cornerstone of the portfolio” is the “exquisite” five-building headquarters elaborate on Ellis Avenue, the brochure stated. The foyer was a short while ago renovated and the headquarters site delivers facilities prized by today’s tech businesses, in accordance to the brochure.