PALO ALTO, CA-C.M. Capital Corp. recently closed on the acquisition of 550 Hamilton Ave. in downtown Palo Alto, CA. While those involved in the deal could not disclose the price, unidentified sources tell GlobeSt.com that the deal was around $900 per square foot or close to $32 million.
Built in 1971, 550 Hamilton Ave. is approximately a 35,678-square-foot office building. The property is near University Avenue in downtown Palo Alto and within walking distance to Palo Alto Caltrain.
This is the third downtown Palo Alto property owned by affiliates of C.M. Capital Corp. The company also owns 525 University Ave. and 435 Tasso St.
“Buying this property is consistent with our long-term investment strategy and adds to our holdings in downtown Palo Alto,” explains C.M. Capital CEO Bruce W. Madding. “We enjoy being part of the community as we see Palo Alto grow dynamically.”
GlobeSt.com also learned from the unidentified source that the seller was Christ-Griffiths LLC, which had owned the property through various partnerships for numerous decades. In addition, GlobeSt.com learns that Colliers International just received the leasing assignment for the building.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
