January 8, 2017
Connect Silicon Valley is headed to the Silicon Valley Capital Club on February 1. Explore the agenda and register today.
New York-based Blackstone completed the acquisition of three Silicon Valley assets from Swedish pension fund manager, Alecta, for a reported $291 million. The properties include two in Mountain View, 590 East Middlefield Rd. (sold for $57.1 million) and 685 East Middlefield Rd. (sold for $97.3 million), as well as 601 California Ave. in Palo Alto (sold for $136.8 million).
The assets were part of the pension managers’ 22-property U.S. portfolio, including six in the Bay Area, as well as 26 properties in the UK announced for disposition in 2016.
The 100,000-square-foot 590 E. Middlefield is leased to Omnicell, an automated healthcare solutions company. The second Mountain View asset, 685 E. Middlefield, totals 460,000 square feet and is leased to Siemens Healthcare. The 273,000-square-foot Palo Alto property in Stanford Research Park is leased to law firm Wilson Sonsini Goodrich & Rosati.
JLL’s Peter Nicoletti led the team handling the sale process.
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