Ellis Partners and Baupost Group just made the priciest office purchase in Silicon Valley so far this year.
A group led by San Francisco-based Ellis Partners and Boston-based Baupost acquired the Great America Commons office complex at 4555 and 4655 Great America Parkway in Santa Clara for $310 million, Mercury News reported, citing documents filed last week with the Santa Clara County Recorder’s Office. The property is situated next to the California’s Great America amusement park. The seller in the transaction was not disclosed.
The sale price is the largest dollar amount for an office property in Santa Clara County in 2026 nearly halfway through the year. It’s also one of the Bay Area’s largest so far this year, according to Mercury News. The deal is the second-largest in the region this year by dollar amount, outdone only by the $691.6 million sale of the Transamerica Pyramid in San Francisco in March.
The nine-figure sale could be a sign of a possible sea change in the South Bay office submarket, as leasing saw a rebound in activity in the first quarter, according to Mercury News. The purchase price was 42.4 percent higher than the assessed value of $217.7 million for the two buildings in January 2025. That could eventually lead to a higher assessed valuation in the future, creating more property tax income for the City of Santa Clara.
The office complex totals 637,100 square feet across two six-story buildings, according to marketing materials from Cushman & Wakefield. The 4555 Great America Parkway building boasts 321,800 square feet, while the 4655 Great America building is 315,300 square feet. The San Francisco 49ers football team has its headquarters at the site; other tenants include Texas Instruments, Fujitsu Research of America, NeoLife International, Ampere Computing and MicroFocus.
Ellis Partners and Baupost Group have teamed up to buy offices in Santa Clara before. Last August, the two firms joined forces to acquire a three-building office complex at 3315, 3325 and 3355 Scott Boulevard for $210 million.
— Chris Malone Méndez
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