Maxar Technologies said Thursday it has sold one of its buildings in Palo Alto, CA, for $70 million.
The building, home to 400 satellite design and production engineers and across the street from the main campus of Maxar subsidiary SSL, sits on about 4.5 acres. The employees will be relocated to a nearby building, Maxar said, noting that the move would not affect production or customer work.
"After the sale, the company retains roughly 24 acres of office, R&D and manufacturing facilities in Palo Alto," Maxar said.
In the company's announcement, Biggs Porter, Maxar's chief financial officer, said the sale has "reduced the SSL footprint in Palo Alto for improved efficiency and [has] freed up capital."
"The net proceeds from this transaction will be used to pay down Maxar debt," Porter added.