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EOP Buys Page Mill Center for $84M

PALO ALTO, CA-The 175,000-sf acquisition makes Equity Office Properties Trust one of the largest property owners within 10 million-sf Stanford Research Park.

By Brian K. Miller | Updated on January 04, 2007

PALO ALTO, CA-Equity Office Properties Trust on Tuesday acquired the 175,000-sf Page Mill Center office development here, making it one of the largest building owners within the 700-acre Stanford Research Park. The purchase price for the four-building complex on a long-term ground lease was $84 million or $480 per sf, according to Sondra Wenger, EOP’s vice president of investments.

Built in the early 1970s at Page Mill Road and Hanover Street, Page Mill Center is fully leased to seven tenants. The anchor tenants, Stanford University Hospital and Lucille Packard Children’s Hospital, lease approximately 100,000 sf for administrative functions. The purchase price is in line with triple-net market rents at the park, which average $45 per sf, Wenger tells GlobeSt.com.

Stanford University owns all the land within the 10 million-sf park. EOP acquired Page Mill Center and the associated ground lease from Minnesota-based Eagle Ridge Partners LLC, which acquired the development 10 years ago for approximately $22 million. Other than to describe it as “long-term,” Wenger declined to reveal the length of the ground lease, citing a confidentiality agreement with the university.

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