UC Santa Cruz Buys Santa Clara Building for $46.5MM

Realizing the value of proximity to Silicon Valley, the University of California Santa Cruz expanded its reach into the Bay Area region by purchasing a building in Santa Clara as an outpost for its academic and research studies. Earlier this week, it purchased the 90,000 square foot building located at 3175 Bowers Avenue from the Irvine Company for $46.5 million, or approximately $516 per square foot. The Newport Beach-based developer had owned the property since September of 2014, according to public documents, when it purchased it for $32.15 million, or roughly $357 per square foot., and modernized it.

According to a report by the Mercury News, the University is planning to relocate its Silicon Valley professional masters program as well as research and extension program to the new building. According to a University spokesperson, the classes are already under way at the facility.

Just like Stanford University has successfully exploited its geographic and business proximity with the tech industry, UC Santa Cruz is hoping the new campus will create a greater interaction opportunity among its students and faculty with Silicon Valley entrepreneurs. It hopes its programs will help innovators by creating professional academic curricula to meet the needs of professionals in the region. The University sees this campus as a great way to expand that opportunity further and grow its programs in Silicon Valley.