PSAI Realty Partners has acquired the Mountain View Corporate Center for $193 million, marking the largest office sale in Mountain View in five years. The San Francisco-based real estate firm purchased the five-building complex from Rockwood Capital, which had listed the property for sale in September.
Located at 331 East Evelyn Avenue, the Mountain View Corporate Center spans 289,000 square feet on a 16-acre site. The office campus is fully leased to tenants such as Databricks, Atlassian, and Heartflow. Databricks, currently occupying 47,000 square feet as the largest tenant on site, is expected to vacate the property following its recent expansion elsewhere in Silicon Valley.
This transaction is notable as it is the first office deal in Mountain View to exceed $150 million since 2021. It surpasses other recent deals like DivcoWest’s $108.1 million purchase of 600 Clyde Avenue last year.
According to sources cited by the Silicon Valley Business Journal, around 20 institutional investors—mainly private equity firms—showed interest in acquiring the offices. This level of interest suggests renewed confidence among investors regarding a recovery in Silicon Valley’s office market after pandemic-driven declines and increased activity from artificial intelligence companies establishing operations in the region.
CBRE data referenced by the Business Journal indicates that over 12 million square feet of office space remains available for lease in Mountain View as of the fourth quarter.
Rising rental costs have also made Mountain View one of Silicon Valley’s most expensive cities for renters. New luxury one-bedroom apartments are now leasing at about $5.75 per square foot, surpassing pre-pandemic rates.
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