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Global cybersecurity company Fortinet added to its extensive CRE holdings in Sunnyvale with the acquisitions of two industrial buildings near its headquarters on Kifer Road that could lead to an eventual HQ expansion.
Fortinet paid $15M in cash for the properties at 140 and 144 Commercial St., The Mercury News reported. The buildings total 26K SF and were owned by an affiliate of fastener maker Olander Co.
Fortinet has been steadily amassing a substantial portfolio of commercial space in Sunnyvale and the East Bay since its founding in 2000 by brothers Ken and Michael Xie.
Its latest acquisitions are just across the street from its headquarters facility and join a growing list of properties near Kifer Road that could be repositioned if Fortinet expands its corporate footprint.
Fortinet’s office and industrial footprint in Sunnyvale already spans nearly 395K SF on 21 acres, documents filed with the Securities and Exchange Commission show.
Last year, the company purchased twin 30K SF office buildings near its headquarters for $10M, the Silicon Valley Business Journal reported. In 2024, Fortinet spent $190M on a 480K SF tech campus in Santa Clara.
And in 2019, Fortinet broke ground on a 172K SF headquarters building that added to its existing 162K SF space in Sunnyvale.
“We intend to expand our facilities, develop unoccupied space, or add new facilities to support our future growth and enter new product markets,” Fortinet said in its annual SEC filing.
Fortinet is a large property owner in the East Bay as well. Its CRE holdings in Union City total approximately 770K SF of manufacturing and warehouse space, the company said in an annual earnings report.
Past acquisitions in the East Bay include a nearly 59K SF warehouse in Union City for $65M and a Macy’s Furniture Outlet store on Whipple Road for $65.7M.
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