Maxar Technologies, which owns the Space Systems-Loral satellite facility in Palo Alto, in Silicon Valley, California, has sold one of its key buildings at the site for $70 million.
The building, complete with some 4.5 acres of land, represents just 14 per cent of the Palo Alto complex of buildings. Maxar/SS-L owns another 24 acres comprising offices, manufacturing and R&D at the Palo Alto campus. Maxar is on record saying that the overall site is worth $150 million to $200 million.
A statement from Maxar says that some 400 engineers and production staff will relocate to one of its nearby facilities. “The net proceeds from this transaction will be used to pay down Maxar debt,” Biggs Porter, Maxar’s CFO, said in the statement. Maxar’s overall debt burden is some $3 billion.