August 4, 2016
Newport Beach, CA-based Irvine Company acquired the 32.5-acre Advanced Micro Devices HQ campus in Sunnyvale, CA from New York-based W.P. Carey for $175 million. Plans for the massive infill site are undetermined, but the property is zoned for residential.
The site contains AMD’s 319,000-square-foot R&D and office complex, and Irvine Co. could add up to 830 residential units. The company, which says it is “exploring the best use for the property,” has not submitted formal or preliminary plans.
AMD’s lease ends in 2018, though the Silicon Valley hardware maker has two, 10-year renewal options. AMD is evaluating its space options, reportedly seeking to downsize by 30-45%.
The property at 1090 E. Duane Ave. was acquired by W.P. Carey in 1995 for $95 million.
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