Cisco Sells Off Eight Buildings in North San Jose

Following announcement of layoffs, Cisco Systems sells off buildings.

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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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