Congratulations to the Hunter Storm Team! A Job well done!

The biggest single commercial real estate deal so far in 2021 is complete: In a $780 million deal, London-based private equity firm AGC Equity Partners is officially the owner of the portion of Coleman Highline that is the new headquarters of Yahoo.

The Business Journal first reported in September that AGC intended to buy the 657,934-square-foot, three-building complex on the north edge of the airport corporate campus from a partnership owned by Hunter Properties and Sansome Partners. But sources said the deal couldn’t close until all of the buildings were completed.

According to a report Thursday in the Mercury News, the official paperwork was filed Wednesday with the Santa Clara County Recorder’s Office. The final price is slightly higher than our initial report, up from the $775 million purchase price we first reported. The purchase breaks down to $1,185 a square foot, the Mercury News reported.

The deal includes a 603,363-square-foot office building located at 1199 Coleman Ave. that has a seven-story wing stretching from north to south and an eight-story one going east-west. The complex also includes a one-story, approximately 10,000-square-foot welcome center and a two-story, 54,571-square-foot building at 1193 Coleman Ave. that will house restaurants on its bottom floor and a fitness center on top, according to the source.

The complex is leased to Yahoo Inc., whose then-parent company, Verizon Communications Inc., announced in 2019 it was co-developing the structures and had signed a lease-to-purchase deal for them. As part of AGC’s purchase of the buildings, Verizon will no longer have an option to buy them.

Although Verizon earlier this year sold off a majority stake in Yahoo, it remains the financial guarantor of the latter’s 15-1/2 year lease on the campus, which is expected to become its West Coast hub.

At the time it announced its lease, Verizon said the office structure would house 3,400 of its Yahoo employees, 2,400 of whom it would move from the company’s Sunnyvale campus, which Google purchased in a $1 billion deal in 2019. Yahoo’s lease, which is set to go through around 2037, starts at around $2.7 million a month, according to an offering memo obtained by the Business Journal. Its rent will increase 3% a year.

The other major tenant at Coleman Highline, a sprawling campus on the west side of Mineta San Jose International Airport, is streaming company Roku. The Roku buildings were not part of the AGC deal.