SAN JOSE (KCBS) – Cisco Systems has sold eight of its buildings in north San Jose to TMG Partners and Fortress Investment Group, for approximately $154 million, according to a published report.
The buildings encompass 811,000 sq. ft., translating into a purchase price of approximately $190 per sq. ft.
It’s estimated that the office space, on Tasman Dr. between Rio Robles Dr. and Lick Mill Dr., could accommodate as many as 4,000 employees. The terms of the deal are said to include a four-year grace period for Cisco to vacate the buildings, with some departures happening as early as January 2014.
TMG is expected to renovate the buildings, giving them a more modern look that would ostensibly attract technology companies seeking to expand in the region.
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