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Google Snaps Up Three San Jose Industrial Bldgs. for $117 Million

TCC, PREI Sell MidPoint@237
February 1, 2018
Google has paid $117.25 million, or approximately $208 per square foot, to Trammell Crow Co. and Principal Real Estate Investors to acquire MidPoint@237, a three-building, 563,000-square-foot advanced manufacturing complex located at 5079-5093 Disk Dr. in north San Jose, CA.

Completed in late 2016, MidPoint@237 comprises the industrial portion of TCC and PREI's Midpoint development in the city's Alviso district. The first phase of a one million-square-foot business park, TCC and PREI developed the industrial complex on a speculative basis.

Google will take occupancy of the three buildings as the multinational technology giant expands its presence in Northern California. In December, the company closed on its $318.7 million purchase of data management and storage company NetApp, Inc.'s three office buildings in Sunnyvale, CA.

As part of that agreement, Google paid $223.1 million in December, and will pay the balance by the end of October 2018. NetApp will also lease back one of the buildings for an undetermined term.

Google in December also unveiled plans for a new one million-square-foot development in Sunnyvale's Moffett Park. The campus, to be called Caribbean, would consist of 1.04 million square feet over two buildings, and house approximately 4,500 Google employees.

For more information on Google's acquisition of MidPoint@237, please see CoStar Comp #4121131.
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