RREEF’s Rumored $200M Buy Closes

By Natalie Dolce

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MENLO PARK, CA-Rreef has acquired the former Sun Microsystems campus in Menlo Park, CA, which will become the new office campus for Facebook. The property was acquired from Oracle America Inc., on behalf of an institutional client.

Rreef tells GlobeSt.com that it cannot comment on price at this time. An unidentified source not involved in the deal tells GlobeSt.com that the price was around $200 million.

“We are pleased to acquire the former Sun Microsystems campus located in the vibrant Silicon Valley submarket,” says Brian McAuliffe, a managing director and Rreef Americas’ head of transactions. “This off-market transaction underscores Rreef’s ability to identify and make attractive investments for our clients.”

The Silicon Valley campus is comprised of nine buildings totaling one million square feet. The property was built between 1993 and 1995 and served as the corporate headquarters for Sun Microsystems until the company was acquired by Oracle Corp.

As GlobeSt.com previously reported, Oracle Corp. purchased Sun Microsystems for $9.50 per common share. The $7.4 billion deal--$5.6 billion after accounting for Sun’s cash and debt--brought together a corporate software maker and a builder of corporate computer systems whose headquarters are 24 miles apart, Sun was in Santa Clara and Oracle’s just up the Peninsula in Redwood Shores. Sun owned about two million square feet in the Bay Area, including just less than one million square feet in its headquarters city of Santa Clara and just over one million square feet in Menlo Park, as GlobeSt.com previously reported.

Categories: West, Office, Acquisitions/Dispositions, San Francisco