The seller was a joint venture of ING Clarion Partners andTaylor Corp. Michael Leggett of Cornish & Carey representedbuilding ownership in the sale, which is reportedly part of alarger transaction. Leggett was not immediately available Wednesdayfor comment.


Bart Lammersen, the Staubach SVP who brokered Qualcomm'sseven-year lease deal for the building in 2005, tells GlobeSt.comthat Qualcomm may have been interested in owning the buildingbecause it has invested heavily in it, adding a wafer fabricationfacility in 2006. It leased the space for the regional headquartersof Iridigm Display Corp., a handheld-device display specialist itacquired for $170 million that was running out of room in itsDowntown San Francisco offices.


Ten months ago, in October 2007, Qualcomm paid $80 million forKifer Corporate Center, a 320,000-sf, four-building low-rise campusin Santa Clara, saying it would use the space to consolidate acouple of its expanding South Bay offices. The seller, LBA Realty,acquired the 22-year-old campus empty in 2005 for approximately $46million and proceeded to invest additional funds rehabilitating andrepositioning the property. Lammersen also brokered that deal.


"When you look at the amount of investment Qualcomm would makebeyond what the [tenant improvement] allowance [LBA] would haveprovided and the P&L benefits from owning instead of leasing,coupled with the company's strong cash position, there werecompelling reasons to own rather than rent," Lammersen

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