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1/17/23
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In a recent Bay Area office buy, Morgan Stanley purchased a 44.7k sf building in Menlo Park for $68 mil, or $1,521/sf. The property is fully occupied by Menlo Medical Clinic, a partner with Stanford Health Care.
The property, located at 321 Middlefield Rd, is within a 10-minute drive from Stanford Hospital, the only Level-1 Trauma Center on the San Francisco Peninsula. Stanford Hospital offers 605 licensed beds, 101 licensed ICU beds and world-renowned staffing with over 23,451 employees, medical staff, nurses, residents and fellows. The hospital provides over two million outpatient visits, including 450 life flight transports annually.
321 Middlefield is nestled within the mid-Peninsula city of Menlo Park with a medium household income of $160,000 and median property value of over $2 mil. The South Peninsula market totals approximately 39 msf of office space, with Menlo Park accounting for 6.5 msf of that space with a 12% vacancy rate, according to Newmark Research.
The property was sold by Pollock Financial Group. Newmark’s Steven Golubchik, Edmund Najera, Jonathan Schaefler, Jesse Millman and Darren Hollak were involved in brokering the transaction.
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