Sunnyvale Data Center Sells for $90M

Brookfield Properties has bought a Sunnyvale data center leased to Equinix for $90.3 million, according to public filings and property reports reviewed this week. The building is at 255 Caspian Drive in the Moffett Park area of Sunnyvale. Equinix’s own site identifies that address as its SV4 data center. The deal adds another Silicon Valley facility to a market where data-center operators, utilities and investors are all tracking AI-related power demand. ### Which property changed hands? 255 Caspian Drive is a roughly 120,000-square-foot data center in Sunnyvale, according to county-filed sale details cited by local reports and property descriptions tied to the site. The building is fully leased to Equinix, which operates the location as SV4. Equinix’s SV4 page says the facility is at 255 Caspian Drive in Sunnyvale, linking the sold property to an active colocation site rather than a planned redevelopment parcel. (hoodline.com) That matters because the buyer is acquiring an operating building with an existing tenant in place. ### Who bought it, and who stays in the building? Brookfield Properties is listed as the buyer in documents cited by local coverage of the transaction. (hoodline.com) The reported purchase price was $90.3 million. Equinix remains the tenant under the deal, according to the same reporting. The structure of the transaction means customers using the site should see continuity at the property even as ownership changes. (equinix.com) ### Why is a leased Sunnyvale data center drawing this much attention? Brookfield has been building out a larger AI-infrastructure push beyond traditional real estate. (hoodline.com) In November 2025, Brookfield launched a program aimed at up to $100 billion of AI infrastructure assets, including data centers, power, land and compute capacity, according to the company. Brookfield and Bloom Energy also announced a $5 billion strategic AI infrastructure partnership in October 2025, with Bloom named as a preferred onsite power provider for Brookfield’s global AI factories. That partnership shows Brookfield tying property ownership more closely to power strategy as AI workloads expand. (bam.brookfield.com) ### Where does the electricity question come in? Silicon Valley Power, the municipal utility serving nearby Santa Clara, said on April 21 that it had launched a pilot with Emerald AI to test whether data centers can adjust electricity use during periods of grid need. The first pilot site will run at commercial, multi-megawatt scale at a data center where NVIDIA runs AI workloads, the utility said. (investor.bloomenergy.com) The California Energy Commission’s data-center forecast says its peak-load estimates use a 67% utilization factor based on historical data for more than 60 data centers in Silicon Valley Power territory. The same forecast cites utility and application data showing rising interest in new capacity from data-center projects across California. Silicon Valley Power’s posted rates also show why power costs are part of the conversation. (santaclaraca.gov) Its January 1, 2026 rate table lists an average very large industrial rate of $0.159 per kilowatt-hour, compared with PG&E’s listed $0.266 for the comparable class. ### Does the sale say anything concrete about the local market? Moffett Park and the surrounding Sunnyvale-Santa Clara corridor already host a dense cluster of networking and colocation facilities, and Equinix’s continued tenancy keeps this asset in that operating base. (energy.ca.gov) The property is not being marketed as vacant land or a future conversion. The immediate next step is ownership transition, not a tenant move. (siliconvalleypower.com) Equinix continues to list SV4 at 255 Caspian Drive, and Silicon Valley Power’s April pilot announcement indicates utilities and large data-center customers are still working on ways to manage future load growth as more AI infrastructure comes online. (equinix.com) (hoodline.com)