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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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.
