Prime Single Tenant
Prime ST - First Republic Center
PURCHASE PRICE
$104M
SIZE
77,190 SF
LOCATION
Palo Alto, CA
ACQUISITION DATE
Q4 '20

Investment Highlights

  • 2017-vintage, mixed-use asset in Palo Alto, CA, anchored by a long-term office lease to investment-grade tenant, First Republic Bank
  • Asset is well located, adjacent to both Stanford University and major office submarkets, and represents a rare opportunity to own a fee-simple office asset in the Palo Alto market
  • Asset is expected to benefit from high-barrier-to-entry nature of the Palo Alto market, where benefits from significant supply barriers, including a development cap that limits office development

(1) As of October 31, 2022.