Palo Alto Office Building Sells For Approx. $900/SF
In a strong display by Silicon Valley’s office sector, RREEF recently acquired 100 Hamilton Ave for a reported $65 Million according to several sources. The property was only on the market for 3 months through Jones Lang Lasalle and attracted both national and international investor attention. This deal goes down as one of the Top 10 deals on a price per square foot basis in the last ten years, and speaks to the lack of available office space in the area. The 72,000 SF office building lies in the heart of the valley and with large scale purchases recently by companies such as Google, Facebook, and several high-profile REITs, the office rate has been in an upward spiral and looks to continue to stay hot through the summer. Keep an eye out as surely this will overflow into several other submarkets such as the South Bay, Mid-peninsula, and even the East Bay. San Francisco office space is also seeing high-end pressure. Details of the deal:
Address: 100 Hamilton Ave, Palo Alto
Buyer: RREEF
Seller: Embarcadero Capital Partners
Sale Price: $65,000,000 (estimated)
Bldg Type: Class A Office
Year Built/Age: Built 1983 (updated 2005)
Price/SF: $904.95
RBA: 71,827 SF
Land Area: 0 .55 AC (23,958 SF)
The Peninsula Industrial Pros 