Google? Microsoft? Apparantly not. When the Sun Microsystems campus was sold to a mystery buyer last week for an estimated $56 million, the speculation was Google or Microsoft was behind the straw purchase. Well less than a week later, both companies have adamantly denied they were the deep pockets pumping the cash into the Denver real estate market. I certainly don't know who is behind the buy, and I'm more interested in what will be done with the property.
It seems to be a very expensive speculative play for a developer. Especially considering, no re-zoning or other uses have been approved by local authorities. So it makes sense, that a owner will move their company (or a signifcant portion thereof) into the space. There are not many players who need that kind of square footage, or have the cash to go big like this.
This means jobs will be moving into the economy shortly! Jobs mean more people! More people means more real estate demand! More real estate demand means less inventory! Less inventory means appreciation! Appreciation means the end of our UGLY market!
The real estate cycle continues!
Bob
Oh yeah, don't be surprised if Google or Microsoft are, in fact, the real buyer!
No comments:
Post a Comment