Apple buildings in Silicon Valley put up for sale by landlord

TRICAP, a New York-based property owner, is marketing California office buildings that count Apple as a tenant.

The company hired brokerage Newmark Group to find buyers for the nearly 350,000-square-foot (32,500-square-metre) property, located at 410-430 N Mary Ave in Sunnyvale, according to marketing materials. The brokers, led by Steve Golubchik, expect that the price will range from US$270 million to US$300 million.

A Tricap representative declined to comment.

Apple, which has its headquarters in nearby Cupertino, leases all of the three buildings on the Sunnyvale property and has as much as six years remaining on its lease. The site has strong fibre connectivity that’s critical for infrastructure assets used by technology companies, according to the materials.

Commercial property dealmaking has been slow as borrowing costs weighed on buyer appetites. But the artificial intelligence boom has attracted investors eager to capitalise on the demand for space by companies in the industry.

Earlier this year, Nvidia purchased part of its headquarters campus in Santa Clara from its landlord, a deal that was also brokered by Golubchik’s team at Newmark. Microsoft recently bought one of its office campuses in Mountain View, California. BLOOMBERG