Content area
Full Text
Tech Tenant's Move Makes More Apartments an Option
A16-acre Santa Clara office site that was bought by Irvine Co. late last year is expected to be turned into another apartment complex by the developer.
The Newport Beach-based real estate owner and investor - which is now believed to be California's largest owner of both offices and apartments - recently bought the Silicon Valley site from Extreme Networks Inc., a maker of Ethernet systems.
The office site, which includes four buildings running about 275,000 square feet, sold for about $46 million, or $167 per square feet, according to regulatory filings.
The Silicon Valley Business Journal reported earlier this month that Extreme Networks just inked a deal to move out of the Santa Clara site, which it was leasing back from Irvine Co. under a short-term deal, to new headquarters in San Jose.
The company's departure clears the way for Irvine Co. to turn the site into an 800unit apartment complex with 50,000 square feet of commercial...