HFF marketed the property on behalf of the seller, Menlo Equities. The purchase price equals $1,193 per square foot.

The property is located within walking distance to the downtown Palo Alto retail core and is less than one mile from the Palo Alto and Menlo Park Caltrain stations.  Constructed in 1967, the property underwent a full rebuild in 2012.  The two-story building is 100% leased to a diverse mix of private equity and technology firms including Summit Partners, Optum Soft, Blackstone and Rubicon.

The HFF investment sales team representing the seller was led by managing director Steven Golubchik along with senior managing director and co-head of HFF's national office investment sales platform Michael Leggett and director John Simerlein.  HFF worked in conjunction with Cornish and Carey's Kevin Cunningham on the sales assignment.

“This sale represents a generational opportunity as it is one of the few newly constructed buildings to come to market in the past 15 years in the submarket,” said Golubchik.  “With a roster of credit tenants, as well as the high-quality reconstruction and finishes completed by Menlo, the property generated substantial interest from numerous domestic and foreign investors.”