The roller coasters at California’s Great America are not the only things climbing in Santa Clara. Two six-story Class A office buildings on Great America Parkway just traded hands in a deal north of $300 million, shifting one of the South Bay’s heftiest office assets into new institutional ownership. Together, the “twin” buildings total about 637,100 square feet and host major tech and sports tenants. County records show the sale was recorded last Friday.
Deal details
According to The Mercury News, a group led by Ellis Partners and the Baupost Group bought the complex for $310 million. The outlet reports that the price is about 42.4% higher than the property’s January 2025 assessed value of roughly $217.7 million. The purchase, logged in county documents on May 22, stands as the largest office-property dollar sale in Santa Clara County so far in 2026.
Property and tenants
Marketing materials from Cushman & Wakefield describe the campus at 4555 and 4655 Great America Parkway as two six-story Class A office buildings, measuring about 321,800 and 315,300 square feet, respectively. The brochure highlights major occupants and large leased spaces on site, including the San Francisco 49ers, Texas Instruments, Fujitsu Research of America, Neolife International and Ampere Computing.
Where it fits in the market
The Mercury News notes the trade ranks among the Bay Area’s biggest office deals this year, trailing only the March sale of the Transamerica Pyramid, which closed for about $691.6 million, according to the San Francisco Chronicle. For local landlords and brokers, the Santa Clara sale is another sign that institutional capital is still willing to step up for large Bay Area office assets when prices line up with current demand and occupancy realities.
What comes next
Cushman & Wakefield circulated leasing materials for the campus earlier this year, a clear sign the new owners may chase additional lease-up or selective repositioning aimed at tech and corporate users. How quickly existing tenants expand or new companies move in will determine whether this giant trade translates into visible changes around Levi’s Stadium and the Great America corridor.
Why Santa Clara cares
The deal carries local ripple effects because property transfers trigger reassessment under California rules. The Santa Clara County Assessor's Office notes that ownership changes can reset a parcel’s taxable value for future tax rolls. If the new owners invest in upgrades or the buildings’ taxable values climb, residents could see revenue implications for city services and schools, while employers and brokers keep a close eye on how leasing patterns evolve.
