Foxconn Unit Buys Six Sunnyvale Office Buildings for $128M

Ingrasys Technology USA has bought six buildings across 26.3 acres in Sunnyvale for an estimated $128 million.

The cloud infrastructure unit of Taiwan-based Foxconn purchased 313,700 square feet of flex offices at 1230, 1240, 1250, 1260, 1270 and 1280 East Arques Avenue, the Silicon Valley Business Journal reported.

The sellers were three affiliates of Menlo Park developer Lane Partners, which bought the property in 2020 for an undisclosed sum.

The deal works out to an estimated $408 per square foot. Brokers Greg Matter, Bart Lammersen, David Sesi and David Ross of JLL represented the buyer.

The previous tenants were reportedly various businesses of Fujitsu Electronics America, which planned to convert the property into three single-story industrial buildings. But then Lane decided to sell the property, according to the Business Journal.

Foxconn, whose U.S. hub is based in San Jose, has not disclosed why Ingrasys bought the Sunnyvale campus.

Matter, of JLL, said Ingrasys bought the campus to enhance operations and help meet customer demand.

“It’s a strategic investment into the AI ecosystem,” he told The Business Journal, citing the land’s proximity to semiconductor manufacturers such as Nvidia, based in Santa Clara.

Ingrasys, founded in 2002, designs and builds servers, IT storage systems, AI accelerators and data centers for companies such as Nvidia. It’s also an investor in other tech companies, including Los Altos-based Ramon Space, according to the Business Journal.

The Foxconn firm has offices 2025 Gateway Place and 1768 Automation Parkway in San Jose, in addition to Texas, Washington and Wisconsin.

— Dana Bartholomew