SANTA CLARA — Two South Bay office buildings have been bought for more than $300 million in what appears to be the largest office purchase deal in Silicon Valley so far this year and one of the Bay Area’s largest in 2026.
The Great America Commons office hub next to California’s Great America amusement park has been bought for $310 million, documents filed on May 22 with the Santa Clara County Recorder’s Office show.
A group whose principal leaders include Bay Area real estate firm Ellis Partners and Boston-based hedge fund Baupost Group bought the office hub, which is on Great America Parkway in Santa Clara, according to state and county records.
In a hopeful sign for the South Bay office market, the purchase price was 42.4% higher than the assessed value for the two buildings of $217.7 million as estimated in January 2025.
The increase in the office hub’s value suggests the property may achieve a higher assessed valuation in the future…