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7/30/19
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Longfellow Real Estate Partners closed on its fifth west coast buy since late 2018, paying $205 mil for Palo Alto Technology Center (PATC), a 10-building, 259.6k sf ($790/sf) life science campus in Palo Alto.
The property is located at 1800-1850 Embarcadero Rd and 2445-2465 Faber Place, just three miles from Stanford University and a short distance from the Stanford Research Park. It is nearly adjacent to Interstate 101 and easily accessible for commuters approaching from the North, South and East Bay via the Dumbarton Bridge (Route 84). PATC is an eight-minute drive from the Palo Alto Caltrain stop (shuttle service offered on site).
The campus was sold by KBS, who originally purchased the property in 2012 on behalf of a sovereign wealth fund. The property is about 99% leased. Tenants include Stanford, Bill.com, Aurora Innovation and Eversight.
Palo Alto city officials recently announced that they are poised to make the 2015 cap on new office developments in the University Avenue, California Avenue and El Camino Corridors permanent. The cap limits annual office deliveries to 50k sf per year, which, if made permanent, would guarantee almost no new competitive products to the Palo Alto Technology Center in the coming years.
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