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tech campus in Santa Clara has changed hands, with Four Corners Properties purchasing the property for $21.2 million. The sale suggests that office market values are still volatile in early 2025. According to public records, the company bought the two-building complex on Jay Street through an all-cash deal.

    The campus, which spans 149,100 square feet, is located near the interchange of US Highway 101 and San Tomas Expressway. The purchase price represents a significant drop from its estimated value in January 2024, when it was valued at $80.1 million. This means Four Corners paid just 26.4% of the assessed value.

    The decline in office values is expected to impact Bay Area cities, counties, and regional agencies that rely on property taxes for revenue. If the slump persists, it could lead to decreased property tax revenue or even a decrease in gains. The Jay Street campus was previously the headquarters of ServiceNow, which relocated to a nearby site.

    Four Corners Properties, a Los Altos-based firm, has navigated multiple market cycles and focuses on commercial real estate investment and development in the Bay Area. Despite the challenges, the company claims to have been successful through both ups and downs in the sector.