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NetApp Selling to Google Eight Buildings in Sunnyvale, CA

For $250 million

This information has been published by NetApp, Inc. in a SEC filing:

Entry into a Material Definitive Agreement

On March 9, 2016, NetApp, Inc., a Delaware corporation (the seller), and Google Inc., a Delaware corporation (the buyer), entered into an Agreement of Purchase and Sale and Joint Escrow Instructions.

Seller and buyer amended the purchase agreement on March 11, 2016.

The purchase agreement relates to the sale by seller and purchase by buyer
of the following properties and related land in Sunnyvale, CA:

  • an approximately 46,170 square foot building located at 1299 Orleans Drive;
  • an approximately 42,624 square foot building located at 1277 Orleans Drive;
  • an approximately 95,464 square foot building located at 1260 Crossman Avenue;
  • an approximately 125,648 square foot building located at 1240 Crossman Avenue;
  • an approximately 110,160 square foot building located at 549 Baltic Way;
  • an approximately 88,320 square foot building located at 641 Baltic Way;
  • an approximately 43,372 square foot building located at 611 Baltic Way; and
  • an approximately 43,372 square foot building located at 633 Caribbean Drive.

The total purchase price for the property is $250 million.

Subject to due diligence, certain termination rights and customary closing conditions, the sale of the property is expected to close prior to April 12, 2016, and in no circumstance, later than April 22, 2016.

Pursuant to the purchase agreement, seller, as tenant, shall lease back from buyer, as landlord, portions of the property on terms to be agreed.

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