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1/26/24
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Broadcom plans to sell the unused portion of its Palo Alto Campus at Stanford Research Park. Situated on 69.5 acres, the unused portion of Broadcom’s Palo Alto Campus at Stanford Research Park features 13 state-of-the-art R&D buildings totaling more than 1 msf, including indoor and outdoor collaboration areas, two full-building cafeterias, two fitness centers with showers and lockers and three parking garages.
Photo: Digital Sky Photography |
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Broadcom will continue to own and occupy 600k sf. VMware, recently acquired by Broadcom, has had a presence at the Stanford Research Park since 2006.
Toyota leases two of the 13 buildings, totaling 155k sf and representing 18.5% of Broadcom’s Palo Alto Campus, providing attractive income through 2027. The rest of Broadcom’s unused portion will be delivered vacant, offering a prime owner/user opportunity, or the opportunity for an investor to tap into the most innovative talent pool across the globe and fully lease-up the Campus.
Stanford Research Park is home to many of the world’s most successful companies and benefits from essentially no new supply, largely due to the lack of developable land, which is further reinforced by Palo Alto’s restrictive zoning that limits density and use. Historically, Stanford Research Park has had very little availability of large block space, and the unused portion of Broadcom’s Palo Alto Campus represents one of the largest availabilities in the Stanford Research Park since inception.
CBRE’s Capital Markets team in Silicon Valley was selected to market the unused portion of the Broadcom Campus at Stanford Research Park in Palo Alto. CBRE’s Kyle Kovac, Mike Taquino, Joe Moriarty, Giancarlo Sangiacomo and Kati Thabit are representing Broadcom. Tenant demand for office and R&D space in Silicon Valley was 4.3 msf Q4 2023, up from 3.66 msf in Q4 2022, according to CBRE Research.
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