SANTA CLARA — A tech campus in Santa Clara has landed a new owner in a property purchase that suggests office market values are continuing to wobble at the start of 2025.
Four Corners Properties, a Los Altos-based real estate investment firm headed up by Bruce Burkard, bought the office hub on Jay Street through an all-cash deal for just under $21.2 million, a Santa Clara County Recorder’s Office grant deed shows.
The price was one-fourth of its prior value.
As of January 2024, the tech campus had an estimated value of $80.1 million, according to documents on file with the Santa Clara County Assessor’s Office.
The tech campus has addresses that include 3250, 3250 and 3270 Jay Street and is near the interchange of U.S. Highway 101 and the San Tomas Expressway. The two-building complex totals 149,100 square feet, according to commercial real estate firm Colliers.
The buildings were previously the headquarters of ServiceNow, a software company that provides cloud-based services. In recent years, ServiceNow shifted its headquarters a short distance away to a Santa Clara site on Lawson Street.
It wasn’t immediately clear if the campus was empty at the time of the transaction.
Slumping values in commercial real estate are poised to become a widening challenge for Bay Area city, county, and regional agencies, as well as public school districts, that depend on property taxes for revenue.
Despite the challenges of owning an office complex in a tough market, Four Corner Properties states on its website that it’s been successful through both ups and downs in the commercial real estate sector.
“We have navigated multiple market cycles,” the company stated. “We are committed to maximizing value for our investors.”
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