LinkedIn Buys Silicon Valley Asset for $75M
Networking giant LinkedIn has acquired a 120,000-square-foot research and development building at 1022 W. Maude Ave. in Sunnyvale, Calif. for $75 million, Silicon Valley Business Journal reported. Software company Synopsys was the previous owner of the property, CommercialEdge information shows.
The two-story building came online in 2001 and was developed by The Catalyst, according to The Real Deal. The low-rise sits on 7 acres and features 60,671-square-foot floorplates and 440 car parking spaces.
The property has access to U.S. routes 237 and 101, while downtown San Jose is some 11 miles southeast. Fellow industry giants Apple, Amazon and Meta also have locations nearby.
The asset is adjacent to the company’s global headquarters, located at 950 and 1000 W. Maude Ave., purchased in 2021 from RREEF Property Trust, for $323 million. The firm has occupied the property since 2016, when LinkedIn agreed to take over a lease at the West Maude Avenue campus from Google in a 1 million-square-foot real estate swap.
As of February, office sales reached $7 billion nationwide, with average trading rates of $177 per square foot, a recent CommercialEdge report shows. The Bay Area ranked third nationally, with $467 million in transaction activity, trailing behind Manhattan ($1.8 billion) and Chicago ($561 million). The metro’s vacancy rate clocked in at 26.2 percent, up by 550 basis points over a 12-month period, reflecting current office real estate trends in the area.
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