Ellis Partners and Baupost Group have acquired the Campus at Scott, a 460,000-square-foot office park in Santa Clara. The property is 84 percent leased, with Applied Materials as its largest tenant. The purchase price was not disclosed.
The three-building complex is located at 3315, 3325, and 3355 Scott Boulevard. According to the San Francisco Business Times, this transaction surpasses other recent Silicon Valley office deals by size, including the Santa Clara Valley Transportation Authority’s acquisition of a downtown San Jose building that spans about 390,000 square feet.
The new owners plan to upgrade amenities at the site through both indoor and outdoor renovations.
This marks another collaboration between Ellis Partners and Baupost Group. In 2023, they jointly purchased a 250,000-square-foot office building at 180 Howard Street in San Francisco’s South of Market neighborhood for an estimated $62 million. Ellis Partners has also been active in the Bay Area real estate market in recent years with acquisitions in Menlo Park and Sunnyvale as well as a data center sale in Santa Clara earlier this year.
Applied Materials leases space at the Campus at Scott but also owns several properties throughout Silicon Valley. Last month, Applied Materials bought a 79,800-square-foot office and research building at 999 East Arques Avenue in Sunnyvale for $25.1 million. Since 2018, it has spent more than $421.5 million acquiring properties across the region.
Over the past decade, Applied Materials’ purchases have included sites such as 928 East Arques Avenue for $41.4 million; 1050-1090 East Arques Avenue for $100 million; two buildings last year at 929-935 East Arques Avenue and 306-310 De Guigne Road for $32.7 million; and a vacant Fry’s Electronics store on East Arques Avenue for $100 million in October 2024.
