Ellis Partners, Baupost Group Buy Santa Clara Office

An office complex in Santa Clara occupied largely by Applied Materials has sold.

San Francisco-based Ellis Partners and Boston-based Baupost Group teamed up to buy the Campus at Scott, a three-building office park at 3315, 3325 and 3355 Scott Boulevard in Santa Clara, the San Francisco Business Times reported.

At 460,000 square feet, it beats out all the Silicon Valley office transactions from the last quarter, including the Santa Clara Valley Transportation Authority’s purchase of a downtown San Jose office building spanning about 390,000 square feet. The purchase price was not disclosed.

The site is 84 percent leased. The buyers plan to invest in upgrading the building’s amenities, including indoor and outdoor renovations.

The transaction isn’t Ellis and Baupost’s first time joining forces. In 2023, they went in together on a 250,000-square-foot office building at 180 Howard Street in San Francisco’s South of Market neighborhood, spending an estimated $62 million on the property.

The year before, Ellis snapped up office properties in Menlo Park for $65 million, and two commercial buildings in Sunnyvale for $28 million. Earlier this year, Ellis sold an approximately 29,000-square-foot data center in Santa Clara for more than $37 million.

Though Applied Materials leases at the Campus at Scott, the Santa Clara-based semiconductor manufacturer owns several office buildings in Silicon Valley.

Last month, Applied Materials spent $25.1 million for a 79,800-square-foot office and research building at 999 East Arques Avenue in Sunnyvale. The Sunnyvale area is the region of choice for the tech company as it’s spent more than $421.5 million buying property since 2018. Over the past decade, it bought 928 East Arques Avenue for $41.4 million; 1050-1090 East Arques Avenue for $100 million; and two buildings last year at 929-935 East Arques Avenue and 306-310 De Guigne Road for $32.7 million. In October 2024, the company paid $100 million for a vacant Fry’s Electronics store at 1077 East Arques Avenue.

— Chris Malone Méndez