Intel is moving on from its 557,000-square-foot office and research campus in North San Jose and has listed it for an undisclosed price.
The semiconductor chip maker, based in Santa Clara, put its 24.6-acre San Jose Innovation Campus at 101 Innovation Drive up for sale, the Silicon Valley Business Journal reported.
The campus includes nearly 500,000 square feet of offices and 57,200 square feet of research labs, plus parking for more than 800 cars, according to a marketing brochure from Colliers, the property’s exclusive advisor, obtained by The Registry.
No sale price was listed, and Colliers representatives did not immediately respond to the Business Journal’s request for comment.
The value of the property is $193 million, according to public records.
However, the deal would reportedly include a leaseback by Intel on all four buildings for between 12 and 24 months, according to the Business Journal.
The listing comes amid a time of money pinching at Intel, which announced in October that it would reduce costs by $3 billion this year.
The tech giant also has had three recent batches of layoffs, and the latest round — which affects 61 employees at its campus on Innovation Drive — is set to begin at the end of this month. In February, Intel also cut its dividend by almost 66 percent after steep declines in sales and profits last year.
“As a hybrid-first company, we are continuing to assess and optimize our space utilization to create more vibrant workspaces for our employees when they are on-site, while also achieving cost reductions,” an Intel spokesperson told the Business Journal in an email. “As such, we will consolidate Intel’s San Jose Innovation Campus with our Santa Clara Mission Campus.”
The company declined to answer any questions about the specifics of the San Jose listing.
In January, Intel listed its 61-acre office campus in southwest Austin for an undisclosed price. it was abandoning plans to build a $700 million “mega lab” in Hillsboro, Oregon, in favor of something more cost-effective. The chipmaker also canceled plans to build a $200 million facility in Israel, according to tech publication the Register.
— Dana Bartholomew
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