Agilent, a manufacturer of electronic test and measurement equipment, is vacating 395 Page Mill Road and consolidating operations on its 825,000-sf campus 14 miles to the south, at Wolfe Road and Lawrence Expressway in Santa Clara. It was not immediately clear whether Jay Paul has a tenant in hand to backfill the space. Agilent is expected to be out of the building by September.
The sale closed May 17, according to C&C. At $400 per sf, the sale price would be about $90 million or about 30% more than its assessed valuation of $68.7 million.
The building was developed in 2000 at a cost of $29 million. The site that the building sits on was home to the first headquarters of Hewlett Packard. Agilent is a spin-off of HP.
C&C brokers Phil Mahoney, Howie Dellmar, Michael Leggett and Gerry Rohm brokered the transaction. Mahoney could not be reached over the weekend for comment.
Jay Paul owns about 5 million sf of commercial property in the Silicon Valley. Most of the company's product is located in Sunnyvale, where it is currently seeking approvals for a new 1 million-sf office campus.
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