Ellis Partners and The Baupost Group have completed the acquisition of Great America Commons, a Class-A office and R&D campus in Santa Clara. The two-building complex, located at 4555-4655 Great America Parkway, was purchased from PGIM. While the buyers did not disclose financial terms, the Silicon Valley Business Journal reported the transaction value at approximately $310 million.
The campus comprises roughly 635,000 square feet across a pair of institutional-quality office and research facilities. According to the buyers, the property sits within the Santa Clara Stadium corridor, a rapidly evolving corporate hub that has emerged as one of the key business destinations in Silicon Valley. The location places tenants near major regional transportation routes and a dense concentration of technology and innovation companies.
Great America Commons is currently reported to be 77% leased, providing the new ownership with in-place cash flow along with remaining lease-up potential. The tenant roster spans a range of industries and includes Texas Instruments, Ampere Computing and the San Francisco 49ers, reflecting a mix of technology and corporate users that contribute to the campus’s occupancy profile.
Ellis Partners emphasized the property’s position within an established corporate ecosystem anchored by global and national technology and life science players. Nearby companies include Nvidia, Amazon, Zscaler, Johnson & Johnson, Applied Materials and Intel. This surrounding tenant base creates what the buyers described as a concentrated environment of industry leaders that continues to draw interest from high-caliber office and R&D users.
The acquisition of Great America Commons aligns the buyers with one of Silicon Valley’s more active office subcorridors, where large-scale corporate campuses and entertainment venues coexist. The mix of prominent neighbors, existing occupancy and remaining leasing opportunity positions the asset as a sizable institutional holding within the Santa Clara office and R&D landscape.
Ellis Partners, a real estate investment firm, and Boston-based investment manager The Baupost Group will now assume ownership responsibilities for the campus. PGIM exits its investment as the seller in the transaction, marking a significant office and R&D trade in Santa Clara’s ongoing evolution as a corporate and technology center.
