CRE Scion's Sobrato Philanthropy Sells Chunk Of Portfolio For $300M: Reports
The Sobrato Family Foundation has made a big deal out of a cloud computing company's headquarters, news reports said Tuesday.
The philanthropic unit of longtime Silicon Valley developer The Sobrato Organization has sold ServiceNow's global headquarters and surrounding land at 2235 Lawson Lane to an affiliate of Northridge Capital for $276.3M, the Silicon Valley Business Journal reports.
The two headquarters buildings at 2215 and 2225 Lawson Lane and surrounding land add up to about 310K SF, making Washington, D.C.-based Northridge Capital's purchase come out to about $891K per SF.
ServiceNow has occupied the Santa Clara offices since 2015. The company, which provides enterprise cloud solutions, went public in 2012 and now has a market capitalization of over $60B.
The Sobrato Family Foundation also dealt 4950 Patrick Henry Drive to San Francisco-based SJMT Properties for about $17M, the Mercury News reports. Family scion John Sobrato is one of Silicon Valley's first major developers.