Who is the Buyer of the Sobrato-BEA-Oracle Building at 488 Almaden Blvd?
June 18, 2008
Word is a buyer has been picked by Oracle Corporation (NASDAQ:ORCL). BEA paid about about $335 psf ($130M) in 2007 for the 388,000 square foot tower. You can read more about the story of the tower in a previous post. If I had to guess, I’d say the building will trade for significantly less than what BEA paid for it. It’s going to take a serious piece of equity to buy this vacant building and tenant it up.
I’m going to make a prediction here and say that the buyer is going to pay around $260-270 psf ($100-$104M) for the tower. And since we’re making predictions, I’ll predict the buyer is either (in this order): Legacy Partners, Boston Properties, or Tishman Speyer.
Anybody else want to make a prediction?
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I think Sobrato will buy the building back.
Well, you named all the likely suspects, but I would add BPG Properties and DivcoWest to the list.
BPG is not buying this asset. They made a huge mistake buying in san jose to begin with. They know nothing about the bay area.
Thanks for the comment. Timely post since there is activity on this building right now. The government is looking at it as well as a few other tenants…. not to mention a few investors looking at possibly purchasing from oracle…