Two recent strong quarters, the second and fourth of last year, have punctuated an otherwise sluggish period for Silicon Valley office investment. For the nine sales completed year-to-date through mid-year 2012, Reis reports a total dollar volume of only $67.7 million, just 12.0% of the total accumulated through all of last year. The average selling price and mean cap rate for the first half of 2012 were $174 psf and 8.1%, low and high, respectively, by recent norms for this market. The 12-month rolling mean cap rate per quarter-end was 7.0%, up from 6.7% a year earlier. For the second quarter alone, only $23.0 million were exchanged all told in four deals. In the largest, Real Estate Trust of Silicon Valley Community Foundation paid The Sobrato Organization $10.6 million ($152 psf ) for the 69,799-square-foot Class B/C multi-tenant property at 1290 Parkmoor Avenue, San Jose. The deal closed in April at a 7.5% cap rate.