Cisco Sells Off Eight Buildings in North San Jose

Following announcement of layoffs, Cisco Systems sells off buildings.

Cisco Systems is entering the hot Silicon Valley real estate market on the seller's side.

The tech mainstay has sold eight buildings in North San Jose to a developer, according to the Oakland Tribune, in a deal worth $150 million.

TMG Partners and Fortress Investment Group bought the buildings -- an "eight-building campus" of 811,000 square feet with room for up to 4,000 employees -- which Cisco will begin vacating in January, the newspaper reported.

Cisco last month announced it would shed 4,000 jobs, or 5 percent of its workforce.

No future tenant was announced, but TMG will upgrade the properties, the newspaper reported.

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