January 4, 2017
Los Angeles-based Kilroy Realty Corp. acquired two office assets in Palo Alto’s Stanford Research Park from Stanford University for a reported $130 million. The properties total roughly 152,000 square feet, and come with long-term ground leases in place.
The deal includes 1701 Page Mill St., a 116,000-square-foot, two-story office and R&D building opened in 2014 that is fully occupied by Theranos, an embattled biotech startup. The other property, 3150 Porter Dr., was completed in the late 1990s, and is 100% occupied by law firm Perkins Coie LLP.
The assets are Kilroy’s first acquisitions in Palo Alto. The REIT’s Silicon Valley portfolio includes assets in Redwood City, Mountain View, Sunnyvale and Menlo Park. Kilroy is also developing the Exchange at 16th and 100 Hooper St. in San Francisco, and plans to redevelop the San Francisco Flower Mart.
Eastdil Secured handled the sale.
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