Fortinet Acquires Facility Potentially Groomed for New HQ
- Aug 22, 2012
A company dealing with national and international network security is set to expand after a recent property purchase in Sunnyvale. Fortinet Inc. is the new owner of 164,099 square feet of space at 895 Kifer Rd. on a 10-acre lot. The California-based tech company acquired the facility for a total of $14.5 million at a per-square-foot rate of $88.36.
The facility is located on the same street as the company’s current headquarters, located at 1090 Kifer Rd. Fortinet owns 107,000 square feet at that address and, according to the Silicon Valley Business Journal, it is currently unclear whether the company will cease to inhabit this facility. While such has yet to be decided, it is clear that the new owner will look to renovate the space in order to be able to use it properly.
The deal was brokered on behalf of both the buyer, Fortinet Inc., and the seller, Electra LLC, by Cassidy Turley. According to the agent handling the seller’s end, the building has been awaiting a transaction for some time now, having been put up for sale as a result of the economic downturn. However, given that the property is located in close proximity to Highway 101 and Highway 237, the fact that the property is close to the company’s current headquarters made it a logical purchase for the expanding company.
Fortinet is currently a publicly traded company with a market cap of $3.78 billion. Renovations at the building will commence as soon as possible, with a potential move reportedly set for the next couple of years.
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