PALO ALTO, CA-RREEF has acquired a fully leased, 71,827-square-foot office building at 100 Hamilton Ave. from Embarcadero Capital Partners on behalf of an institutional client. Terms of the sale were undisclosed, but industry sources and published reports peg it at $65 million, which ranks it among top office sales in the country on a per-square-foot basis.

Embarcadero Capital was represented by the Jones Lang LaSalle team of managing director Michel Seifer and SVP Rob Hielscher. The JLL brokers declined to discuss the sales price, citing confidentiality. However, Seifer said that the building generated “a tremendous amount of national and international investor interest.”

Hielscher described 100 Hamilton as “one of the nicest buildings in one of the best locations in the strongest office market in the country.” He cited its proximity to Caltrain (across the street), Stanford University and the retail amenities along University Avenue. The building “has a storied history as the location where employees at DEC developed AltaVista (the first modern internet search engine) in the 1980's, and a group of Sun Microsystem's engineers developed the ubiquitous Java platform in the 1990's.”

100 Hamilton is leased to an institutional quality tenant roster with an average remaining lease term of six years. The Silicon Valley property is at the intersection of Alma Street and Hamilton Avenue, two of the main thoroughfares in Downtown Palo Alto. In addition to its 71,827 rentable square feet of office space, the four-story building features two levels of secure underground parking with 107 stalls.

Embarcadero Capital Partners invested approximately $1.6 million in capital improvements since acquiring the property in 2005. Amenities include a workout facility, a new security system and 14 exterior balconies off the tenant spaces on the second, third and fourth floors.

JLL got the assignment to market the building late last year, according to a GlobeSt.com report at the time. In that report, Seifer noted that asking rents of $5 per square foot per month, triple-net, rank Downtown Palo Alto as "one of the strongest and most desirable office markets in the entire country."