MILPITAS — A tech giant has sold a big South Bay campus to a veteran real estate firm in a $40 million-plus deal that points to a nosedive in values for Bay Area office buildings.
Analog Devices has sold a five-building office and research campus in Milpitas to an affiliate of Goodman Group, which paid nearly $40.4 million for the five-building tech complex, according to documents filed on April 7 with the Santa Clara County Recorder’s Office.
The deal marks the second time in recent weeks that Analog Devices has sold a large office and research property in the South Bay. In February 2025, Analog Devices sold a north San Jose office building at 3550 North First Street for $18.5 million.
The Milpiitas tech campus that Goodman Group bought totals 319,800 square feet, according to a marketing brochure for the property that commercial real estate firm Cushman & Wakefield was circulating at the time of the deal…