A new office building that only Visa currently occupies was recently purchased in California. The piece of commercial real estate was bought with all cash in Palo Alto, not far from San Francisco. The recent real estate transaction is an indicator that investors are hungrier now than ever before for commercial properties in the Silicon Valley area.
Investors purchased the facility for a whopping $138 million, a rate of $2,165 per square foot. It appears that this purchase is the costliest deal in the Santa Clara County area so far this year. The building, which spans 64,000 square feet, was constructed in 2016.
Visa announced back in July of 2016 that it would be occupying the office building at that time. The company said it would be using it as both collaboration and office spaces for around 300 employees whose focus was on merchant solutions, data security, business intelligence and technology research. The company's goal then was to expand its capabilities in research and development on a global level.
Buying real estate can be a stimulating yet overwhelming process, especially for those dealing with high-value properties in and around San Francisco. A mistake or oversight that may seem minor might end up causing a deal to fall through, thus costing an aspiring buyer time, energy and money. This is why enlisting the help of an attorney may be wise before moving forward with a commercial real estate deal. The attorney will help to ensure that one's rights and best interests are protected in deals both small and large in California.
Source: mercurynews.com, "Visa's Palo Alto office building bought for $138 million," by George Avalos, Jan. 19, 2018