Palo Alto tech elaborate lands purchaser

PALO ALTO — A veteran authentic estate firm’s property buying spree in Palo Alto has now topped $1 billion with the company’s newest acquire of a selection place of work campus in the South Bay tech hub, community documents clearly show.

Alexandria Actual Estate, performing by means of an affiliate, has acquired a four-setting up office environment sophisticated on Hillview Avenue in Palo Alto, paperwork filed on Jan. 6 with the Santa Clara County Recorder’s Office environment display.

The affiliate, ARE San Francisco No. 97, paid $446 million for the workplaces and a floor lease for the land beneath the quartet of buildings, which have addresses of 3301 through 3307 Hillview Ave., according to the county property data files.

The 4 structures together whole roughly 292,000 sq. toes, in accordance to a brochure circulated by CBRE, a business genuine estate firm that’s been marketing the assets.

Pasadena-based mostly Alexandria Genuine Estate purchased the buildings, which are positioned in the prestigious Stanford Investigate Park spot, by an all-cash offer.

As is customary with residence transactions in the analysis park, Stanford University retained the ownership of the land beneath the 4 properties and Alexandria Genuine Estate purchased a ground lease for the tech campus.

The county paperwork indicated that Alexandria paid out $267.6 million for the structures and $178.4 million for the floor lease, bringing the total worth of the offer to $446 million.

With the most latest transaction, which includes the worth of the floor lease, Alexandria has spent at least $1.37 billion obtaining attributes in Palo Alto above a 4-year interval that commenced in January 2018.

Palo Alto is a person of the strongest business marketplaces in the Bay Space, mainly because the town is a main tech hub and has very low emptiness premiums, according to residence authorities.

Palo Alto Investigation & Technological innovation Centre, a 4-making Palo Alto business complex at 3301 by way of 3307 Hillview Ave. (CBRE)