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BAY AREA NEWS
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Kenson Ventures Picks Up Palo Alto Development Site

8/18/16

Kenson Ventures purchased 2555 Park Boulevard, a fully entitled 14.4k sf development site in Palo Alto. With the potential to build up to 29.3k sf of Class A office, the site represents one of only a few new developments in Palo Alto that can be made ready for occupancy in late 2017 or early 2018.

Located in the heart of Palo Alto’s vibrant California Avenue District, the urban infill project is designed LEED Silver Certified, integrating two floors of office and above ground floor retail space with column spacing allowing for either a high-density technology build out or professional service layout. The future project’s design features numerous amenities including four covered terraces, on-site showers, employee break rooms, vehicle charging stations, secure bicycle storage, incredible natural light and ample power, and is within walking distance to banks, restaurants and retail.

Seth McKinnon, Vice President of CBRE Capital Markets, represented the seller, Tarlton Properties.

The Palo Alto submarket has an overall vacancy rate of 3.2 percent, while the California Avenue District has a vacancy rate of 0 percent, according to CBRE. The overall Palo Alto market boasts the highest average Class A asking rental rate in the Silicon Valley market at $7.65 per square foot per month, net of operating expenses.





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