LinkedIn bought a 120,000-square-foot office building near its headquarters in Sunnyvale for $75 million.
The professional social networking firm purchased the two-story research building at 1022 West Maude Avenue, the Silicon Valley Business Journal reported. The seller was Synopsys, a locally based tech firm.
The deal works out to $625 per square foot.
The building, developed by The Catalyst in 2001, is a short stroll to LinkedIn’s headquarters at 1000 West Maude Avenue, and part of its growing portfolio of offices in and around its Sunnyvale hub.
LinkedIn’s push down Maude Avenue began in 2021, when it bought its two-building, 287,600 headquarters for $323 million, the outlet reported.
The purchase four years ago resulted from a 2016 land swap with Google, where LinkedIn assumed two of Google’s leases on Maude Avenue and bought 28 acres from it in Mountain View.
In return, Google got 10 acres and assumed one of LinkedIn’s leases at Mountain View’s Britannia Shoreline Technology Park, an office complex that Google bought in 2018 for $1 billion.
LinkedIn’s purchase comes as Silicon Valley’s R&D market is booming, with a 50 percent jump in sales volume in the first quarter ending last month, according to Kidder Matthews.
At the same time, the research office availability rate ticked up 0.8 percent to 12.7 percent from the previous quarter, while vacancy rose 1.6 percent to 11.2 percent from a year ago and net absorption fell to negative 656,500 square feet after positive absorption late last year.
Read more
Commercial
San Francisco
German fund pays $225M for LinkedIn-leased campus