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Nortel Silicon Valley headquarters for $24M Calgary Herald Monday, August 12, 2002

Nortel Networks Corp. has sold its sprawling Silicon Valley headquarters for $24 million US, less than half what it wanted, reflecting just how weak the tech sector and once-booming office market here have become.

The Nortel property had been on the block for at least one year at an asking price of more than $50 million US, said Mark Regoli, executive vice- president at South Bay Development Co. in Campbell, Calif.

South Bay Development, along with San Francisco-based Pacific Coast Capital Partners LLC, bought the 33,352 square-metre offices situated on nearly 6.5 hectares.

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