SUNNYVALE — A tech firm’s decision to exit the Bay Area and move to Southern California has triggered the sale of the company’s Sunnyvale headquarters.
Idec Corp. bought a research and industrial building in the San Diego County city of Carlsbad in 2024, paying $49.5 million for the property.
The deal comes at a time when the South Bay office market has begun to perk up with tech companies ramping up their leasing activity and requirements.
The company’s purchase of the Carlsbad building was the prelude to putting the headquarters in Sunnyvale up for sale.
The Southern California location totals 233,200 square feet, considerably larger than the old headquarters building.
Idec Corp.’s produces an array of advanced technology products, including switches for robotics and touchscreens to help automate industrial machinery.
Global Star Properties U.S. Corp. bought the Sunnyvale building, which totals 83,600 square feet and is at 1175 Elko Drive.
Sunnyvale-based Global Star is involved in real estate investing, according to information posted on the California Secretary of State website.
Global Star Properties’ chief executive officer is Zihua Chen and is based in Sunnyvale. The real estate firm’s chief financial officer is Yin Wan Lo and is based in Hong Kong.