An office building real estate deal in downtown Mountain View with a price that’s below its prior purchase value hints at a wobbly office sector.
MOUNTAIN VIEW — An office building real estate deal in downtown Mountain View with a price that’s below its prior purchase value hints at a wobbly office market amid widening layoffs in the tech sector.
The $36 million that J.P. Morgan Asset Management paid is considerably less than what the seller, an affiliate of Germany-based WealthCap Management, paid in 2014 for the office building at 303 Bryant Street in Mountain View. The building earlier this year was empty, the CBRE leasing brochure stated. CBRE was marketing the property as a “rare full-building opportunity” for a tenant that is seeking a “unique office headquarters,” the offering packet stated.
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