PSAI Realty Partners has dropped $193 million on the five-building Mountain View Corporate Center, marking the largest office purchase in Mountain View in five years. The campus at 331 East Evelyn Avenue spans about 289,000 square feet across 16 acres, with most of the space leased to technology firms. Rockwood Capital put the complex on the market in September and wrapped up the sale this month.
Deal details and tenants
PSAI bought the campus in a deal reported by The Real Deal for $193 million. That outlet notes the five-building complex is fully leased to tenants, including Databricks, Atlassian, and HeartFlow. Databricks, the largest occupant at roughly 47,000 square feet, is expected to give back some of its space. The report also says Rockwood Capital began marketing the asset in September.
Databricks expansion and tenant churn
Databricks has been on a growth tear around the South Bay and recently leased additional floors in Sunnyvale, a move covered by The Registry. That expansion helps explain why the company may be consolidating footprints and creating short-term vacancies that a new owner can pitch to other AI and software tenants. For PSAI, that kind of churn is both a headache and an opportunity, since freshly vacated suites can be repositioned for higher-paying, lab-style or AI-focused users close to transit.
Investors are betting on a comeback
According to The Real Deal, roughly 20 institutional investors, mostly private equity firms, kicked the tires on the campus, hinting that capital is trickling back into Bay Area offices. The outlet also cites fourth-quarter CBRE data showing Mountain View had more than 12 million square feet of office space available to lease, a reminder that any comeback is uneven even as larger tenants hunt for quality buildings.
What the sale means locally
New institutional ownership typically brings money for upgrades, fresh leasing strategies, and amenities aimed at AI and engineering tenants. Rockwood previously signed HeartFlow to a sizable lease at 331 East Evelyn, according to CoStar, giving the new owner a key anchor while it shops for any vacated suites to nearby tech companies.
The deal is the latest sign that investors are still willing to pay up for well-located, transit-adjacent office assets in the Bay Area, even as vacancy remains elevated. For Mountain View, a deep-pocketed buyer and a largely stable tenant roster could translate into a busier corridor around East Evelyn Avenue and a renewed race to land the next wave of AI occupiers.
