PALO ALTO, CA—Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that the sale-leaseback of a 292,000-square foot office / R&D campus located at 3301-3307 Hillview Ave. in Palo Alto's Stanford Research Park has closed. Morgan Stanley's Prime Property Fund purchased the property in what was the largest sale transaction in Palo Alto history, according to Cushman & Wakefield.
While sources involved in the deal did not disclose pricing information, industry sources tell GlobeSt.com that the deal was around $330 million.
Universally recognized as the birthplace of Silicon Valley, Stanford Research maintains a world-renowned reputation for an unparalleled tenant base including the most innovative technology companies as well as many of the top law and financial services firms. Cushman & Wakefield marketed the property on behalf of TIBCO Software Inc., a global leader in infrastructure and business intelligence software. Simultaneously with the closing of the sale, TIBCO signed a long-term leaseback agreement with the new owner. As a definite sign of the times, the record price paid illustrates perfectly how prodigiously profitable well-timed real estate dispositions can be.
According to Cushman & Wakefield's Joe Cook, market leader and president of the west region: “The Northern California Capital Markets team once again has raised the bar in initiating and closing an unprecedented and record breaking deal.”
Last month, the company's hospitality group advised in another big sale: The Calistoga Hills Resort, an 88-acre site located in the foothills of Calistoga, CA, as GlobeSt.com reported.
The sale transaction was led by Adam Lasoff and Grant Lammersen of the Northern California capital markets team. Leasing specialist Michael McMillan also assisted in the marketing campaign.
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