SUNNYVALE — Fortinet has grabbed a big industrial site in Sunnyvale in a deal that widens the tech company’s shopping spree in Silicon Valley.
Fortinet bought a 4.7-acre site at 1484 Kifer Road at the corner of Uranium Drive, according to documents filed on Dec. 6 with the Santa Clara County Recorder’s Office.
Fortinet paid $44 million for the property, the county records show.
Joe Kelly, an executive managing director with Newmark, a commercial real estate firm, had been seeking tenants for the building and arranged the sale to Fortinet. The transaction was an all-cash deal, according to the public documents.
The acquisition was the latest attempt by Fortinet to create elbow room in its home base of Sunnyvale through an array of purchases that stuffed the tech company’s shopping cart with properties.
Fortinet spent $80 million in Sunnyvale from 2012 through early 2021 buying a slew of properties, mostly unassuming industrial or commercial sites.
The company also has begun to collect properties in Union City, an indication that it intends to create an East Bay outpost. Numerous tech workers commute from the East Bay to Silicon Valley’s job hubs.
Among the string of Sunnyvale acquisitions by Fortinet was the purchase of the site where the company decided to build an eye-catching new headquarters building.
With the most recent property deal at the Kifer Road site, Fortinet has now spent $124 million buying sites for future expansion in Santa Clara County.
The deal is a fresh indicator undercutting gloomy predictions of a mass exodus of tech companies from Silicon Valley fleeing regulatory tangles, high taxes and coronavirus-linked uncertainties.
Meta Platforms, owner of the Facebook app, along with Facebook, Apple, Google, Adobe, Intuitive Surgical, Roku, Tesla, LinkedIn and Applied Materials have all taken steps through combinations of property purchases, leases or both to widen their footprints in Silicon Valley.
