NortonLifeLock seeks buyers for mega-portfolio of Silicon Valley buildings

MOUNTAIN VIEW — NortonLifeLock, once known as Symantec, has
decided to seek one or more buyers for a mega-portfolio of Mountain
View office buildings amid a shrinking Silicon Valley presence for
the tech titan.

The tech company wants to find a buyer for 10 buildings in
Mountain View that together total 707,000 square feet, according to
an offering brochure that is being circulated on behalf of property
owner NortonLifeLock.

Cushman & Wakefield, a commercial real estate firm, was
hired by NortonLifeLock to scout for one or more buyers for the 10
buildings, the offering brochure shows.

“Never before offered to the marketplace, the offering
represents a generational opportunity to acquire a portfolio of 10
buildings totaling 706,737 square feet in the heart of Silicon
Valley,” the property flyer states.

An array of buyers could potentially be interested in the
properties.

Several major developers are active in the Mountain View area
and nearby cities, including Jay Paul Co., Peery Arrillaga, Sobrato
Organization, and Irvine Co.

Tech titans also have major property holdings in the vicinity,
notably Google and LinkedIn.

The attempt to sell the properties comes at a time when
NortonLifeLock and its predecessor Symantec appear to have reduced
the company’s staffing levels and presence in Silicon Valley and
San Francisco.

During 2019, the companies chopped 402 jobs in the Bay Area,
according to official filings by Symantec and NortonLifeLock with
the state’s Employment Development Department.

Those job cuts consisted of 320 layoffs in Mountain View and 82
layoffs in San Francisco, the EDD filings show.

The property offerings, as well as the employment reductions,
arrive in the wake of the shift of the NortonLifeLock and Symantec
world headquarters to Arizona.

For numerous years, Symantec, which was founded in 1982 in
Sunnyvale, maintained its headquarters in Mountain View.

According to a Securities and Exchange Commission filing, the
company’s headquarters were still deemed to be in Mountain View
as of the end of August 2019.

However, by early November 2019, the company’s headquarters
were listed being in Tempe, Ariz., an SEC filing disclosed. Also in
early November, NortonLifeLock became the official name of the
company.

The 10 buildings that NortonLifeLock seeks to unload are grouped
into three campuses, all within a few minutes of each other in
driving distance.

One of the three main sites is a five-building cluster at 350
Ellis St. that is described as the headquarters campus and totals
428,000 square feet.

“The cornerstone of the portfolio” is the “exquisite”
five-building headquarters complex on Ellis Street, the brochure
stated. The lobby was recently renovated and the headquarters site
offers amenities prized by today’s tech companies, according to
the brochure.

Another complex is at 455, 487, and 501 E. Middlefield Road,
which contains older office and research buildings, as well as a
data center, a group of properties that total 128,000 square feet.
The Middlefield Road property could be redeveloped as a mixed-use
high-density site that could include offices and residential.

The third cluster of buildings is an office and research site
located at 515 and 545 N. Whisman Road, totaling 150,000 square
feet.

“It is a strong preference of the seller for one buyer to
acquire the entire portfolio,” the brochure stated. However, the
offering package also stated that “Individual offers on the
various components may be considered.”

 

 

 

 

 

 

Source: FS – All – Real Estate News 1
NortonLifeLock seeks buyers for mega-portfolio of Silicon Valley buildings