Sunnyvale, CA — Ellis Partners is renovating a 27-year-old building in Sunnyvale to capitalize on the flight-to-quality trend, where tech companies prefer modern offices over outdated workspaces.
 
The real estate developer declined to disclose an estimate of how much would be spent on the renovations, which are expected to be completed in the first quarter of 2026. However, someone familiar with the project said the dollar amount was in the multi-millions, which adds to the $15 million spent to acquire the property in February.
 
“We are transforming Mathilda Park into a next-generation Class A corporate campus,” said Kevin Bocci, senior vice president at Ellis Partners.
 
Ellis Partners is one of many opting to refresh old assets instead of building new ones in a costly environment. Earlier this month, a law firm revealed its renovations of an old Palo Alto office, and in June, developer Wheatley Properties showed off its office makeover that led to new leases.
 
Known as a former Microsoft corporate campus, 755 N. Mathilda Ave. is comprised of two two-story buildings that total 105,000 square feet, according to real estate data provider Property Shark. The empty buildings come with at-grade loading, signage along Mathilda Avenue, and parking that surrounds the buildings.
 
The campus is situated near U.S. Route 101, State Route 237, and public transportation stops, making it easily accessible. It’s also near the corporate offices of well-known companies such as LinkedIn, Apple, Synopsys, and Nokia.
 
“Our investment unlocks the potential for a two-building campus amid a period of strong renewed leasing activity in Silicon Valley,” said Hannah Perkins, vice president at Ellis Partners.
 
Newmark Group’s second-quarter report, published in mid-July, shows leasing activity in the South Peninsula market is expected to trend upwards as office demand increases from the artificial intelligence space.
 
Ellis Partners started renovations on 755 North Mathilda Ave. in Sunnyvale. The company said renovations will conclude in early 2026.
 
“AI companies have concentrated their hiring efforts on Bay Area-based talent. This regional focus positions the Bay Area to benefit significantly,” wrote Newmark in the market report.
 
Ellis Partners hired Joe Kelly, Mike Courson and Skylar Smith to handle the leasing of 755 N Mathilda Ave.