Miltenyi Biotec, a global biotech company based in Germany, recently purchased a large office building in North San Jose for a total of $34.1 million. This action is seen as a sign of potential market resilience amidst the economic difficulties brought about by COVID-19. The purchase was an all-cash deal that took place yesterday, indicating that the company is looking to continue expanding its presence in Silicon Valley.
Positioned near the intersection of North First Street and West Plumeria Drive, the building covers 51,800 square feet on 3.5 acres of land. According to Mercury News, to increase the value of the property by 109% since 2019, it was acquired by Miramar Capital for $16.3 million. This indicates that offices with tenants experiencing strong business growth can hold or even raise their values in adverse economic climates.
Beginning in mid-2022, the value of office buildings in the Bay Area’s tech and biotech sectors has seen a noticeable decrease. Companies started downsizing and subleasing spaces, contributing to the decline. However, the recent acquisition by Miltenyi Biotec indicates potential for stabilization in the region. The newly bought office building functions as a product development hub and GMP manufacturing site for the biotech firm, which is heavily engaged in cell and gene therapy process development per the Miltenyi Biotec website.
In Silicon Valley furthering their presence Miltenyi Biotec has been consistently, with their movement to the site on North First Street. They had previously occupied a building on Humboldt Court in Sunnyvale, which is owned by Google. The company aims to escalate projects to clinical and commercial readiness, intending to expand its globally flourishing operations. The San Jose facility features numerous Grade B clean rooms and handles cell therapy and drug discovery ventures, solidifying the company's placement as a leading force in biotech research and manufacturing.
Miltenyi Biotec, which operates on three different continents, wishes to supply products and services adequately to researchers, doctors, and scientists in numerous disciplines. The company's reach extends far beyond its German headquarters and recent San Jose acquisition, with offices also located in the state of Maryland and the country of China, as reported by Mercury News. They offer support at various levels in the medical and pharmaceutical sectors, ranging from early clinical trials to comprehensive operations.
