Cushman & Wakefield announced today that it closed on the sale-leaseback of a 292,000-square foot office / R&D campus located at 3301-3307 Hillview Avenue in Palo Alto’s Stanford Research Park. Morgan Stanley’s Prime Property Fund purchased the property in what was the largest sale transaction in Palo Alto history.
Universally recognized as the birthplace of Silicon Valley, Stanford Research maintains a world-renowned reputation for an unparalleled tenant base including the most innovative technology companies as well as many of the top law and financial services firms.
Cushman & Wakefield marketed the property on behalf of TIBCO Software Inc., a global leader in infrastructure and business intelligence software. Simultaneously with the closing of the sale, TIBCO signed a long term leaseback agreement with the new owner. As a definite sign of the times, the record price paid illustrates perfectly how prodigiously profitable well-timed real estate dispositions can be.
According to Cushman & Wakefield’s Joe Cook, Market Leader and President, West Region: “The Northern California Capital Markets team once again has raised the bar in initiating and closing an unprecedented and record breaking deal. Cushman & Wakefield has successfully advised its clients on numerous high profile transactions because we’ve established tremendous trust within our marketplace.” Just last month, the company’s Hospitality Group advised in another historic sale: The Calistoga Hills Resort, an 88-acre site located in the foothills of Calistoga, California.
The sale transaction was led by Adam Lasoff and Grant Lammersen of the Northern California Capital Markets team. Michael McMillan, a top producing leasing specialist out of the company’s Silicon Valley office, also assisted in the marketing campaign.