FREMONT — Two big investors have grabbed a Fremont tech building in a deal that the buyers say shows their ongoing confidence in the Silicon Valley market.
A group led by real estate firm Cannae Partners and investment firm Blue Vista Capital Management have bought a building at 47100 Bayside Parkway in Fremont, documents filed on Aug. 11 with the Alameda County Recorder’s Office show.
The buyer, 47100 Bayside Parkway Owner, paid $16.55 million for the building, according to the county records.
San Francisco-based Cannae Partners and Chicago-based Blue Vista also obtained a $16.68 million loan from New York City-based Argentic Real Estate Investment to finance the purchase, the county property documents show.
The office and research building totals about 61,400 square feet, according to Chris Shaffer and Kurt Heinrich, brokers with Newmark, a commercial real estate firm that arranged the purchase.
“The East Bay is a highly sought-after office submarket in Silicon Valley, propelled by regional companies looking to grow out of San Francisco, north San Jose, and Santa Clara,” said Shaffer, a senior managing director with Newmark.
The building is being vacated by Corsair Gaming, a tech games company that has reached a leasing deal to relocate its headquarters to Milpitas.
“We are excited to add this asset to our portfolio and are optimistic about the Silicon Valley and Fremont specifically,” said Jamin Seid, an executive with Cannae Partners.
The new owners believe the building can attract a wide array of tenants. The building would work well as a site for an office headquarters, advanced manufacturing, or life sciences, the owners said. Newark will scout for tenants to lease the Fremont site.
“We are looking forward to renovating and leasing up this building,” Seid said.