Tech giant HP Inc. has sold its eight-building office campus in Rancho Bernardo to San Francisco-based Swift Real Estate Partners, with plans to lease back much of the campus. Pricing on the deal was not immediately disclosed by either party or their brokers.
A statement from brokerage firm CBRE Group Inc., which represented HP, said the tech firm will lease back 79 percent of the campus, located at 16399 West Bernardo Drive. HP has owned and occupied the 67.5-acre campus since its first building was constructed in 1970.
The campus includes seven office/research-and-development buildings, and one Class A office building, totaling 782,211 square feet. HP was represented by CBRE’s Louay Alsadek, Alex Somerville, Hunter Rowe and Brad Black, and Swift Real Estate Partners represented itself.
“There are very few properties of this size and scope in San Diego County, which resulted in significant interest from institutional buyers across the country,” Alsadek said.
The privately held Swift Real Estate Partners was started in 2010. It acquires and repositions office and industrial properties in select West Coast markets, with a focus on Northern California.
Founded in 1939 and headquartered in Palo Alto, HP was known for most of its history as Hewlett-Packard Co. Since 2014, the provider of computers, printers and information technology services has been undergoing significant restructuring of its business units and workforce.
HP Inc. recently announced plans to cut between 3,000 and 4,000 jobs companywide within the next three years.