August 10, 2020
An affiliate of Alexandria Real Estate Equities, ARE San Francisco No. 85, acquired 3181 Porter Dr., a two-story R&D building in Palo Alto’s Stanford Research Park, from Stanford University for reportedly just north of $115 million. The 100,000-square-foot building delivered last year and is leased to Jazz Pharmaceuticals.
The global biopharmaceutical company is focused on developing and commercializing medicines in neuroscience, including sleep and movement disorders, and in oncology, including hematologic and solid tumors.
The latest acquisition brings the total Alexandria has spent expanding its Palo Alto portfolio to more than $815 million over the past 2-½ years. It also reflects the appetite investors have for tech and life sciences assets, despite the ongoing COVID-19 outbreak.
Among the Alexandria acquisitions in Palo Alto include Embarcadero Place ($136 million), 3170 Porter Dr. ($100.3 million), 3160 Porter ($97 million), 3825 and 3875 Fabian Way ($291 million), and 3412 and 3330 Hillview Ave. ($75.9 million).
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* Photo courtesy of Stanford Research Park