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Japan's Mori Trust pays $429M for San Jose, Calif., campus

Japan's Mori Trust Co. Ltd. paid $429 million, or $714.52 per square foot, for a three-building campus in North San Jose, Calif., the Silicon Valley Business Journal reported, citing Santa Clara County documents.

The 9.72-acre property, spanning 600,400 square feet, was sold by Lane Partners Inc., which acquired it in December 2017 for $225.5 million when it served as the headquarters of Brocade Communications Systems.

Brocade was subsequently acquired by Broadcom Ltd. and moved out of the property. Lane Partners then fully let the campus, located at 110-130 Holger Way, to Micron Technology.

The property, now dubbed HQ @ First, had been up for sale since September 2018, the publication added, citing industry sources.

Lane Partners Principal Mark Murray did not respond to requests for comment, according to the report.