Drawbridge Realty Buys Sunnyvale Office Building for $219 Million

Drawbridge Realty has purchased a 180,000-square-foot office building in Sunnyvale, California, for $219 million, Bisnow reported. The deal equates to $1,213 per square foot for the two-year-old property located at 100 Altair Way in downtown Sunnyvale. Bisnow cited the Silicon Valley Business Journal for the transaction figures. [1]

The 100 Altair Way property is fully leased, according to Bisnow. Demand driven by artificial intelligence companies is increasing valuations for Class-A office buildings across the Bay Area and Silicon Valley. [1]

The transaction valuation per square foot exceeds another recent major office sale in the same city. Bisnow reported that a Bluerock affiliate paid $330 million, or $1,034 per square foot, in early September for an eight-story, 319,000-square-foot office property at 1133 Innovation Way in Sunnyvale. [1]