PALO ALTO — A veteran authentic estate firm’s home buying spree in Palo Alto has now topped $1 billion with the company’s most recent buy of a selection office campus in the South Bay tech hub, public documents clearly show.
Alexandria Actual Estate, acting by means of an affiliate, has purchased a 4-constructing business complex on Hillview Avenue in Palo Alto, files submitted on Jan. 6 with the Santa Clara County Recorder’s Office clearly show.
The affiliate, ARE San Francisco No. 97, compensated $446 million for the workplaces and a ground lease for the land beneath the quartet of buildings, which have addresses of 3301 as a result of 3307 Hillview Ave., according to the county property documents.
The four properties with each other overall about 292,000 square ft, according to a brochure circulated by CBRE, a professional genuine estate firm which is been advertising the house.
Pasadena-based Alexandria Serious Estate acquired the structures, which are found in the prestigious Stanford Analysis Park place, as a result of an all-dollars deal.
As is customary with house transactions in the investigation park, Stanford College retained the possession of the land beneath the four structures and Alexandria Real Estate bought a ground lease for the tech campus.
The county documents indicated that Alexandria paid out $267.6 million for the properties and $178.4 million for the ground lease, bringing the total worth of the offer to $446 million.
With the most recent transaction, which includes the worth of the floor lease, Alexandria has used at least $1.37 billion paying for homes in Palo Alto more than a 4-12 months period of time that started in January 2018.
Palo Alto is just one of the strongest place of work markets in the Bay Space, mainly since the metropolis is a big tech hub and has very low emptiness costs, according to assets experts.
The place of work elaborate that Alexandria has bought, however, is not occupied, though it is leased, in accordance to the CBRE brochure. The full advanced is obtainable for sublease, CBRE stated in the brochure. The current lease extends until March 2027, CBRE mentioned.
Pasadena-based Alexandria is eyeing a revamp of the four office environment properties to just take gain of the present surge in leasing by daily life sciences, clinical device and biotech providers, in accordance to a Jan. 4 submitting by the business with the Securities and Trade Commission.
“We be expecting to redevelop these areas into business and laboratory place,” Alexandria said in the SEC documents.