A Miami-based real estate firm has scooped up an Apple Inc.-leased office-and-research building in Sunnyvale for $41 million.
BentallGreenOak purchased the two-story building, which is located in the northern part of the city, Monday from an affiliate of real estate firm GI Partners, according to paperwork filed with the Santa Clara County Clerk-Recorders office. BGO, the real estate investment arm of Sun Life Financial Inc., paid about $544 a square foot for the 75,400-square-foot structure, which is situated at 825 Stewart Dr., just east of North Wolfe Road.
“825 Stewart is a tremendous opportunity to acquire a highly specialized facility occupied by one of the world’s largest technology companies in one of the most diverse tech economies in the country,” Will Connors, a broker with GI Partners representative Jones Lang LaSalle, said in a statement.
Representatives of BGO’s Bay Area office did not respond to requests for comment.
GI Partners purchased the building and 4.3-acre site in 2016 for $34.7 million, according to county records. The structure, which is located less than two miles from the Sunnyvale and Lawrence Caltrain stations, was renovated the year before. As part of that, Apple, its only tenant, added some wide-ranging improvements.
The sale comes as office vacancies have soared in Silicon Valley as some of the biggest tech employers have laid off workers and closed workplaces.
This is not BGO’s first foray in the region. In January, an affiliate of the firm paid $138 million for an Amazon.com Inc.-occupied distribution center in Newark.
JLL brokers Daniel Renz, Michael Manas, Cheri Price, Kendall Willet and Aisling Duffy also represented GI Partners.