Samsung Research buys Mountain View headquarters
Samsung Research America has gone from rent to own in Mountain View.
The subsidiary of Samsung Electronics Co. Ltd. exercised an option to purchase it Mountain View headquarters this week, acquiring its 385,000-square-foot headquarters at 625-685 Clyde Avenue.
The project sold for about $249 million, according to public records. That number pencils out to roughly $646 per square foot.
The seller was a joint venture of TMG Partners and Farallon Capital, which leased the property to Samsung in 2012. The joint venture subsequently obtained approvals for the build-to-suit project and executed a 15-year lease with Samsung, which had an option to purchase after completion.
The project is notable from a city planning and transportation perspective. As part of approvals, TMG founded the Mountain View Transportation Management Association and spearheaded the MVgo shuttle system. The system provides free last-mile transportation to Mountain View corporate campuses and involves Google, LinkedIn, Intuit, and Samsung Research America, as well as property owners Broadreach Capital Partners, Sares Regis Group of Northern California, the Sobrato Organization and TMG Partners. Studios Architecture of San Francisco was the architect, and Devcon Construction was the general contractor. ( Click here to read more about the project.)