Big tech hub is bought in hopeful sign for South Bay office market

MOUNTAIN VIEW — A big tech campus in Mountain View has been bought in a deal whose price suggests that values could be starting to stabilize in at least some areas of the South Bay.

The five-building office hub has been purchased for $193 million, according to documents filed on Jan. 20 with the Santa Clara County Recorder’s Office.

PSAI Realty Partners, acting through an affiliate, bought the Mountain View Corporate Center, which has addresses ranging from 301 to 381 E. Evelyn Ave., the county real estate records show.

Rockwood Capital was the seller of the 16-acre tech campus, which totals 289,000 square feet, according to the public documents.

The property was bought for a price that was 1.4% above the tech hub’s assessed value of $190.3 million as of January 2025.

Rising real estate values could offer some hope that office markets are starting to stabilize in the South Bay.

In recent years, depressed values and elevated vacancy rates have triggered a spate of foreclosures or sales at steep discounts of office buildings in the Bay Area.

A recent surge of leasing deals suggests that the South Bay office market could be in the early stages of a big rebound from its post-coronavirus maladies.