Broadcom sold a Silicon Valley site in Palo Alto’s Stanford Research Park as it continues to gut VMware assets.

SFGate reports that real estate firm Newmark closed the sale of the 13-building, 1.1 million-square-foot office campus to Harvest Properties and TPG Real Estate.

Newmark described the deal as the “largest property sale on a square-footage basis” at Stanford Research Park. The San Francisco Business Times reported the sale was worth around $115 million, though no official amount was disclosed.

Broadcom took ownership of the offices, which were VMware’s headquarters up until its $69 billion acquisition of VMware in 2023. Broadcom would later move its own headquarters from San Jose to a building next door to the VMware offices it just sold.

A summary document unearthed by SFGate suggests the site houses two fitness centers, several cafes, and garages, as well as office space, and areas suitable for research and development. In addition to VMware, the campus is home to several major tech firms, including Google and Tesla’s engineering headquarters. xAI, the Elon Musk-founded startup behind Grok, also has a presence there in an office space previously occupied by Hewlett Packard.

Broadcom's sale of the Silicon Valley site followed recent debt restructuring where the company paid off $3.6 billion – which was due in 2027 – and took on a further $5 billion in debt due starting in 2030 and into the next decade.

Broadcom CEO Hock Tan had previously pledged to invest around $2 billion per year in VMware. However, mere days after the deal’s closure, a large number of staff were axed, with areas like software development and cloud engineering among those hit.

Some 1,200 jobs were cut at the VMware Palo Alto site in late 2023, while teams in Georgia, Colorado, and Washington were also subject to redundancies.

The decision to cut staff was followed by reports that Tan moved to axe hybrid working, with staff required to come into the office should they live within 50 miles of the location. “If you live within 50 miles of an office, you get your butt in here," Tan reportedly told former VMware workers.