July 30, 2019
Longfellow Real Estate Partners acquired Palo Alto Technology Center (PATC) from Newport Beach, CA-based KBS for $205 million. The purchase is Longfellow’s fifth West Coast acquisition since late 2018. KBS originally bought the office property in 2012 on behalf of a sovereign wealth fund.
Located at 1800-1850 Embarcadero Rd. and 2445-2465 Faber Pl. the property is near Stanford University and Stanford Research Park. The campus encompasses 10 buildings totaling 259,586 square feet. The roughly 99%-leased asset’s tenants include Stanford, Bill.com, Aurora Innovation and Eversight.
Longfellow’s Adam Sichol says, “We’re excited to add Palo Alto Tech Center to Longfellow’s San Francisco Bay Area portfolio, and expand our presence in one of the nation’s most dynamic science and innovation clusters.”
Longfellow plans to convert some of the campus to life science uses, and complete capital improvements including facade enhancements, landscaping, and signage/wayfinding.
Eastdil Secured’s Greg Cioth, Paul Nelson, Nate Jones and Kurt Chong represented KBS. Longfellow was self-represented.
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