Intuit Buying Carmel Valley Office Campus for $262.3 MillionWednesday, November 18, 2015
Intuit Inc., maker of popular financial software including TurboTax, Quicken and QuickBooks, is purchasing the four-building Carmel Valley office campus that it currently leases for $262.3 million, according to CoStar Group.
Mountain View-headquartered Intuit is buying the buildings, totaling nearly 466,000 square feet at 7525-7555 Torrey Santa Fe Road, from developer Kilroy Realty Corp. of Los Angeles. Intuit has leased the entire 11-acre campus, near state Route 56, since it was completed by Kilroy as a build-to-suit project in 2007.
CoStar reported that Intuit is exercising a purchase option with Kilroy. The deal is subject to customary closing conditions and is expected to close in the first quarter of 2016.
San Diego is primarily home to Intuit’s consumer tax group, which includes operations geared to to its TurboTax software and related services. Intuit (Nasdaq: INTU) has more than 7,300 employees at offices nationwide, including nearly 1,200 in San Diego, according to 2014 information supplied for the San Diego Business Journal’s 2015 Book of Lists.