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major tech company has expanded its Silicon Valley property portfolio with the purchase of two Sunnyvale buildings for $10 million. The acquisition, which was finalized on May 30, brings Fortinet's total spending on South Bay and East Bay properties to over half a billion dollars.

    The two research and office buildings, located at 130 and 139 Kifer Court in Sunnyvale, were purchased through an all-cash deal arranged by Cushman & Wakefield. The properties, which are two stories high with a combined 60,000 square feet of space, sit on three acres of land.

    This latest purchase is part of Fortinet's broader strategy to collect prime real estate in the Bay Area. Since 2012, the company has spent over $562 million on nondescript office, research, and industrial buildings in Sunnyvale and Union City. Its largest South Bay deal was a $192 million purchase of a 27-acre campus from Texas Instruments in January 2024.

    Despite widespread layoffs in the tech industry, multiple companies are still seeking to expand their presence in the region. Google, Applied Materials, Intuitive Surgical, Fortinet, and Apple have all made significant property purchases in recent years, with some experts attributing this trend to a desire for long-term growth and elbow room.