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PALO ALTO, CA-An affiliate of Wareham Development has paid $62.73 million for a pair of interconnected office buildings totaling 120,000 square feet in the heart of Stanford [University] Research Park. The seller was an affiliate of IDT Corp., a publicly traded, multinational holding company from Newark, NJ, that is focused on the telecommunications and energy industries.

The two class A office buildings–3373 and 3375 Hillview Ave.–were completed in 1999 and are fully leased. The buildings contain state-of-the-art life science infrastructure. Amenities include numerous computer labs, a dedicated full-service cafeteria and fitness center. The tenant list was not immediately available, but it is believed to include research laboratories for Stanford University

IDT Corp. says the official seller was Hillview Avenue Realty, an LLC in which it owns a 69.3% interest. The new owner is BGR Associates, a limited partnership whose address is that of Wareham Properties Group and Wareham Development. The managing member of the LP is Wareham president Richard K. Robbins.

The Palo Alto buildings are Wareham’s first investment on the San Francisco Peninsula. Robbins tells GlobeSt.com the buildings are leased for the next 10 years, which will get Wareham a long way toward amortizing the investment.

“We specialize in research and lab space and Palo Alto is one of those special places to have that,” Robbins tells GlobeSt.com. “The opportunity to not only get good value at Stanford Research Park but also to have Stanford Hospital and Stanford University as tenants [was something we could not pass up].”

Wareham has been an owner and manager of office, life science and R&D space since 1977. It currently owns and manages 4 million square feet of properties, mostly in the East Bay cities of Richmond, Emeryville and Berkeley. Most of its buildings are built out for highly specialized life science uses and located near university campuses. Its portfolio has averaged 99% occupancy over the past three years and has never been below 95%. It has 300,000 square feet of new life sciences laboratories approved and under development (Emeryville Greenway, and 740 Heinz Avenue in Berkeley).

Some of the tenants at the company’s developments include Bayer Healthcare LLC; Amyris Biotechnologies; Joint BioEnergy Institute; Tethys Bioscience; Novartis/Chiron; KineMed, Inc.; State of California; BiosPacific; Dept of Justice DNA Forensic Lab; Nanomix; Dept of Toxic Substances Control; Neosil, Inc.; Lawrence Berkeley National Laboratory; Eureka Pharmaceuticals; University of California at Berkeley; Dynavax Technologies; and NovaBay Pharma.

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