April 26, 2016
Newport Beach, CA-based Irvine Company is reportedly acquiring a 32.5-acre office campus in Sunnyvale, CA from New York-based W.P. Carey for an undisclosed price. The REIT acquired the property, which is currently occupied by Advanced Micro Devices, in 1995 for $95 million.
The struggling computer chipmaker is also reportedly relocating from the 319,000-square-foot campus to another unnamed Silicon Valley property, in a move to reduce its footprint in the area by as much as 45%.
If AMD moves out, that would open the door for the Irvine Co. to purse a large-scale, residential development at a site zoned for residential. The company has been active in the region acquiring land to build apartments, a product type in high demand in the Bay Area.