The newer buildings were acquired for Stanford Hospitals and Clinics, Phillips says. The other buildings were acquired for eventual redevelopment. Meantime, he says the 60% occupancy rate covers expenses and at least one of the vacant buildings, a 30,000-sf data center, will be utilized immediately as an off-site data center for the university.
When the four-building purchase closes next month, the only space in the park not owned by University entities will be a 70,000 sf in one corner owned by Genentech and a four-acre development site owned by Catholic Healthcare West, says Phillips. The park is about a 20-minute drive from the University.
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