Buyers purchase “beautiful” Mountain View tech advanced for $358 million

MOUNTAIN VIEW — An “exquisite” Mountain View tech campus in a vibrant Silicon Valley tech hub has been bought by an alliance of veteran real estate companies.

TMG Partners and a real estate unit of Goldman Sachs have teamed up to buy a five-building office complex on Ellis Street in Mountain View for $357.6 million, according to documents filed on July 15 with the Santa Clara County Recorder’s Office.

NortonLifeLock, a tech titan formerly known as Symantec, sold the five buildings in an all-cash deal to TMG and Goldman Sachs, which acted through affiliate Ellis Street Owner, the county records showed.

“TMG sees this acquisition of a fully amenitized campus as an ideal addition to our portfolio and greater Silicon Valley strategy for accommodating the evolving workforce in this market,” said Ben Kochalski, a regional partner with TMG, a San Francisco-based real estate and development company.

The five buildings that have just been purchased were part of a portfolio of 10 buildings in the Ellis Street section of Mountain View that NortonLifeLock offered for sale as a group in January 2020.

NortonLifeLock had wanted to sell the entire portfolio at the same time to one buyer but instead has wound up undertaking the sales of the 10 buildings in separate chunks.

In April 2021, an alliance of Bay Area developer Steelwave and New York City-based real estate investor Angelo Gordon & Co. paid NortonLifeLock $100.5 million for two buildings on Whisman Road in Mountain View.

Still unsold: a complex at 455, 487, and 501 E. Middlefield Road, which contains older office and research buildings, as well as a data center. These three buildings total 128,000 square feet.

The five buildings that were bought this week by TMG and Goldman Sachs were deemed to be the most attractive part of the 10-building portfolio, according to a flyer circulated in 2020 by Cushman & Wakefield, a commercial real estate firm that has been handling the sale of the properties on behalf of NortonLifeLock.

“The cornerstone of the portfolio” is the “exquisite” five-building headquarters complex on Ellis Street, the brochure stated.

The lobby was recently renovated and the headquarters site offers amenities prized by today’s tech companies, according to the Cushman & Wakefield brochure. The lobby renovation cost $22 million.

“Campus amenities include open work environments, expansive meeting and conference rooms, kitchen and break areas on each floor, and collaborative space,” TMG Partners said.

The tech campus also includes a nearby amenities building

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