SUNNYVALE — A tech company with ties to Nvidia and Apple has paid well over $100 million to buy a huge Sunnyvale office and research campus, a deal that offers a hopeful sign for the battered technology sector.
Ingrasys Technology USA has paid $128 million to buy a tech campus near the corner of East Arques Avenue and Oakmead Parkway, according to documents filed on Jan. 16 with the Santa Clara County Recorder’s Office.
The deal serves as a reminder that a more tech companies appear to be scouting for ways to expand their footprints in Silicon Valley.
If this fledgling trend persists, it would provide a welcome counterpoint to the Bay Area tech industry’s layoffs, office space cutbacks and push to downsize in recent years.
Veteran Bay Area real estate firm Lane Partners, acting through an affiliate, sold the tech campus to Ingrasys Technology USA, the county records show.
In 2020, Lane Partners paid $104 million for the campus, which is bounded by East Arques Avenue, Oakmead Parkway, Central Expressway and Cobalt Avenue.
Ingrasys designs and develops products for artificial intelligence systems, network communications, and cloud-based data storage. The company’s products include computer servers and storage systems.
Foxconn, a big-time electronics manufacturer, owns Ingrasys. Foxconn is a high-profile manufacturer of iPad, iPhone, Nintendo, Kindle, Sega, Nokia, PlayStation, BlackBerry, and Google Pixel devices, as well as successor consoles to Microsoft’s Xbox.
Fujitsu had previously occupied the 26.3-acre tech campus before Lane Partners bought the site in 2020.
Fujitsu has gradually vacated the property while relocating to nearby offices.
At the time Lane Partners bought the East Arques Avenue campus, commercial real estate experts had suggested the site was a prime property for redevelopment as a modern tech campus.
The implosion of the Bay Area office market in the wake of the coronavirus and the slow return to the office hobbled plans throughout the region to develop new office buildings, however.
The outcome for the property could be different this time, however. That’s because the buyer is a tech company that could use the vast campus for its own operations.
Ingrasys Technology bought a campus that consists of six buildings. The Sunnyvale property’s addresses are 1230, 1240, 1250, 1260, 1270 and 1280 East Arques Avenue.
The buildings total a combined 313,700 square feet. That’s enough office space to accommodate 1,200 to 1,500 office workers, depending on the future uses of the site.
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