SAN JOSE — A $100 billion real estate titan has bought an industrial building in San Jose in a deal that shows some segments of commercial real estate remain in favor despite ongoing softness for the office market.
Prologis, a major real estate player with a market value that tops $100 billion, has bought a building at 6212 Hellyer Avenue, according to documents filed on July 20 with the Santa Clara County Recorder’s Office.
The company paid $37.7 million for the building, the county records show.
The building, which totals 111,000 square feet, is known as Silicon Valley Industrial Center. The building occupies a 5.5-acre site.
Varian Medical Systems, a producer of medical devices and software, is listed as the building’s tenant, according to Google Maps.
In the aftermath of the coronavirus outbreak, countless office buildings emptied out after government agencies imposed wide-ranging business shutdowns to help curb the spread of the deadly bug.
Even after the economic ailments unleashed by COVID have begun to heal, the return to the office has proceeded at an uneven pace.
Plus, tech companies have chopped jobs and trimmed their office footprints, putting big chunks of space up for sublease.
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