A Sunnyvale office building formerly occupied by the bankrupt biotech firm 23andMe has been sold for $87.8 million, a stark contrast to its 2019 purchase price of $183 million. The buyer, Spear Street Capital, benefitted from a steep decline in commercial property values exacerbated by the pandemic's economic impact. The building, once in high demand during a thriving Silicon Valley tech market, reflects the drastic changes to the office space landscape since the coronavirus outbreak, which has resulted in numerous bankruptcies and decreased demand in commercial real estate.
The recent acquisition of the former 23andMe headquarters illustrates the dramatic downfall of commercial property values in Silicon Valley post-pandemic.
Stockbridge Capital paid $183 million for the office building, which was leased to 23andMe before the pandemic caused sharp declines in demand.
Collection
[
|
...
]