SANTA CLARA — Nvidia has bought several office and research buildings in Santa Clara in a deal that tops $350 million and greatly widens the fast-expanding tech company’s holdings in Silicon Valley.
The artificial intelligence tech titan paid $374.3 million for eight buildings that occupy a site bounded by Central Expressway, Scott Boulevard, Walsh Avenue and San Tomas Expressway in Santa Clara.
Nvidia, acting through an affiliate, bought the eight buildings, along with two parking garages, in an all-cash deal, documents filed on May 2 with the Santa Clara County Recorder’s Office show.
The deal shows that in some instances, office buildings in the Bay Area can command rising property values despite a feeble commercial real estate market in the nine-county region.
The seller in the deal, Los Angeles-based Preylock, an investment firm and asset manager, paid $240.4 million to buy the properties in 2017, county real estate records show. This suggests the buildings are now more valuable than they were about seven years ago.
The sites Nvidia bought are adjacent to and near the tech company’s modern and futuristic-looking headquarters complex at 2788 San Tomas Expressway.
The just-bought properties could be redeveloped with new office and research buildings, potentially totaling up to 2 million square feet, according to Santa Clara city planning records.