Fortinet Buys More Sunnyvale Buildings

Cybersecurity company Fortinet is adding to its real estate holdings in Silicon Valley.

The Sunnyvale-based firm purchased seven properties from neighboring biotechnology company Intuitive Surgical for $47 million, the Silicon Valley Business Journal reported.

The seven properties are mostly industrial buildings located on Kifer Road and Commercial Street across from Fortinet’s headquarters at 909 Kifer Road, according to Santa Clara County Clerk-Recorder documents cited by the Business Journal. Fortinet’s purchase will allow the tech company to expand its Sunnyvale headquarters by approximately 77,000 square feet of building space across 5 acres.

In recent years, Fortinet has been growing its presence in Silicon Valley with the acquisition of several properties and the construction of others. Last year, Fortinet acquired two 30,000-square-foot buildings at 139 Kifer Court for $10 million, the Business Journal reported. In 2024, it spent $192 million for a tech campus 3833 Kifer Road in Santa Clara, formerly home to Texas Instruments.

Between 2018 and 2023, Fortinet spent more than $600 million to build a second facility on its headquarters campus in Sunnyvale. The new building increased total square footage at the complex to 172,000 square feet. The company has also expanded into the East Bay, acquiring a 60,000-square-foot industrial building in Union City in 2022 for $65 million; that transaction came a few months after it purchased another building in Union City for $65.7 million.

At the same time, Fortinet has been making other strategic changes to its Silicon Valley portfolio, including floating housing on properties it owns.

In January, Fortinet submitted a proposal to convert commercial buildings at 1484 Kifer Road into 136 residences. The units would rise in 13 three-story buildings and come with 252 parking spaces for residents. The plan is currently being reviewed by Sunnyvale’s Planning Commission.

Fortinet reported $7 billion in revenue and more than $2 billion in free cash flow at the end of 2025, according to the Business Journal. The company went public in 2009 and has a $60 billion market capitalization.

— Chris Malone Méndez