SAN JOSE — Cisco Systems on Monday sold multiple office buildings in north San Jose to a group controlled by realty firm Divco West, according to Santa Clara County property records.
DWF V Tasman, which county documents show is an affiliate controlled by Divco West, paid Cisco $50 million for the buildings, which are near the corner of West Tasman Drive and Rio Robles Drive, just east of North First Street.
The transaction emerged amid the backdrop of a slew of job cuts and property sales by Cisco.
During 2017, according to official notices that Cisco has filed with state labor officials, Cisco eliminated roughly 710 jobs.
Plus, in just the last five years, Cisco has sold numerous properties, including sales of San Jose sites to TMG Partners, Trammell Crow and South Bay Development, according to county records. The prices of these transactions were kept secret at the time of the respective deals.
In multiple cases, Cisco wound up exiting some office buildings that they sold to the real estate developers.
The buildings that Cisco sold to Divco West in the most recent deal are located at 10 W. Tasman Drive, 80 W. Tasman and 125 Rio Robles Drive, county records show.
San Jose-based Cisco and San Francisco-based Divco West were both contacted for this story.
