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Seagate Technology Campus Trades to Madison Capital in $260M Sale-Leaseback
Madison Capital has purchased Seagate Technology Holdings plc’s Fremont research and development campus for $260 million, the Silicon Valley Business Journal reported. Ireland-based Seagate has agreed to lease back the campus for an undisclosed period.
The San Jose Mercury-News reported that New York City-based Madison Capital obtained $172 million in acquisition financing from Citi Real Estate Funding, UBS AG and Wells Fargo Bank. With the acquisition, Madison is also picking up a potential development opportunity, according to the Business Journal, since about one-third of the 30-acre campus remains undeveloped.
Among the world’s largest and oldest hard-drive manufacturers, Seagate purchased the campus at 47488 Kato Rd. in Fremont for $90.3 million in 2014 from Solyndra Inc., a solar energy startup that had filed for bankruptcy three years earlier, the Business Journal reported. Seagate put the campus on the market last fall, not long after announcing that it would cut 3,000 jobs.
Photo credit: Coolcaesar/Wikipedia.
- ◦Sale/Acquisition
