Two South Bay office buildings are bought for more than $300 million
SANTA CLARA - Two Santa Clara office buildings were purchased for more than $300 million in what appears to be the largest office deal in Silicon Valley so far this year and one of the Bay Area’s biggest in 2026.
The Great America Commons, next to California’s Great America amusement park, was bought for $310 million, documents filed on May 22 with the Santa Clara County Recorder’s Office show.
A group whose principal leaders include Bay Area real estate firm Ellis Partners and Boston-based hedge fund Baupost Group acquired the office hub on Great America Parkway, according to state and county records.
The seller was an affiliate of PGIM, which is the global asset management unit of financial services firm Prudential Financial.
In a hopeful sign for the South Bay office market, the purchase price was 42.4% higher than the assessed value of $217.7 million for the two buildings as estimated in January 2025.
The increase in value suggests the property may achieve a higher assessed valuation in the future. This has implications for local government agencies and the services they provide. Property taxes produce a crucial revenue stream for cities, counties, regional agencies, and school districts.
The two office buildings include the headquarters of the San Francisco 49ers football team, along with large office sites leased by Texas Instruments, Fujitsu Research of America, NeoLife International, Ampere Computing, and MicroFocus.
The campus is roughly 77% leased. It includes 2.5 acres of outdoor meeting and recreational spaces featuring sports courts, a game lawn, an outdoor theater, and other gathering areas. The site also contains an indoor/outdoor fitness center and a full-service cafe, according to Ellis Partners.
The transaction represents the largest dollar amount for an office property in Santa Clara County so far in 2026.
In the Bay Area, the deal appears to be the second-largest office deal in 2026 by dollar amount, only topped by the $691 million purchase of the Transamerica Pyramid in San Francisco in March.
The Great America Commons has addresses of 4555 and 4655 Great America Parkway and is located between Patrick Henry Drive and Old Glory Lane. Both office buildings are six stories.
The complex totals 637,100 square feet, according to a marketing brochure circulated by Cushman & Wakefield, a commercial real estate firm that has been seeking tenants for the buildings.
The 4555 Great America Parkway building totals 321,800 square feet, while the 4655 Great America building totals 315,300 square feet, the brochure states.
The buyers in the deal obtained $232.1 million in financing at the time of the purchase, county real estate records show. The lenders included Apollo Global Funding, Athene Annuity & Life, and one or more groups based in the Cayman Islands.
In August 2025, Ellis Partners and Baupost teamed up to pay $210 million for a three-building office complex with addresses of 3315, 3325, and 3355 Scott Blvd. in Santa Clara.
The deals have occurred at a time when the South Bay leasing market has staged a rebound in activity, as of the January-through-March first quarter of 2026.
Copyright 2026 Tribune Content Agency. All Rights Reserved.
This story was originally published May 26, 2026 at 5:25 AM.