Synaptics Sells $58M San Jose Office Campus

1150 Ringwood Court

An affiliate of South Bay Development has acquired a 231,700-square-foot office campus in San Jose, Calif., for $58 million, The Mercury News reported. Wells Fargo Bank provided a $46.1 million loan to the buyer, according to the same news outlet. Synaptics was the seller.

The deal also allows Synaptics to continue to occupy space at the recently sold property, with its headquarters located at 1251 McKay Drive. Overall, the company signed a 12-year agreement for a total of 115,000 square feet, with an option to extend the term of the lease.

The campus includes a property at 1150 Ringwood Court, which Synaptics acquired in 2014 for roughly $10 million, and a building at 1109 McKay Drive, for which the company paid $12.1 million in 2012, according to CommercialEdge data. Both buildings were originally built in 1984. SPT Microtechnologies is another tenant at 1150 Ringwood Court.

The four-building campus, located at 1109, 1151 and 1251 McKay Drive and 1140 and 1150 Ringwood Court, is near interstates 880 and 680 and some 6 miles northeast of downtown San Jose. 

Last December, AGC Equity Partners, a UK-based asset management firm, closed the largest office sale in San Jose. The company paid $780 million for an under-construction three-building office development within Hunter Properties and Sansome Partners’ Coleman Highline project. Once completed, the 658,000-square-foot development will serve as Verizon’s Media Division office in the region and will house 3,500 employees.