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FOSTER CITY, CA.-Legacy Partners Commercial Inc. has sold the year-old Bayside Towers development to its main tenant, Inktomi Corp., for $107 million.

Inktomi, an Internet infrastructure software maker, uses 177,000-sf of the two-building, 262,000-square-foot office complex at 4000 and 4100 E. Third Ave. Legacy Partners and P.E. Applied Bio Systems occupy the remaining space, and will reportedly continue to do so.

Legacy Partners originally purchased the land to develop Bayside Towers in 1997. By February 1998, the development had been 100% pre-leased to Inktomi and P.E. Applied Bio Systems, nearly 18 months prior to its completion.

Inktomi’s chief financial officer Jerry Kennelly says purchasing the waterfront property allows the company to lower occupancy costs immediately and for the long term. Another source close to the deal says the purchase lets people know the company is in it for the long haul.

Ron Himes of BT Commercial represented the buyer, Inktomi. Legacy Partners represented itself.

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