SANTA CLARA — A veteran developer has grabbed a big office building in Santa Clara, an indication that major real estate players have yet to quench their thirst for Silicon Valley commercial properties.

LBA Realty has paid $45 million for the building, which is located near the interchange of U.S. Highway 101 and San Tomas Expressway, according to documents filed on May 25 with the Santa Clara County Recorder’s Office.

The purchase of the building by LBA affiliate 3300 Olcott Street was an all-cash transaction, property records show.

PSAI Realty Partners, a San Francisco-based real estate firm, was the seller, county and business records show.

Gigamon, a cloud services tech firm, occupies the building via a sublease from Palo Alto Networks. Palo Alto Networks relocated to newer office spaces in Santa Clara in recent years.

Holliday Fenoglio Fowler, a unit of JLL, a commercial real estate firm, has circulated a marketing brochure for the just-bought property, which is at 3300 Olcott St.

“Maintained meticulously to the highest standards since development, the property serves as an ideal corporate location,” Holliday Fenoglio Fowler stated in the brochure, which was circulated in 2015.

In recent years, a combined $9 million has been spent on wide-ranging building upgrades through separate efforts by a previous property owner, Palo Alto Networks, and Gigamon, according to the brochure.

“The improvements significantly reduce the need for future capital outlays, further solidifying 3300 Olcott as a premier office building,” the brochure stated.