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Ellis Partners Acquires Menlo Park Office Building For $62.6M

Property Image
SOLD
$62,600,000
Clayton Jones
Christian Prelle
Kevin Cunningham

California

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Office43,082 SF
Sold 06/09/2023
the dealplayerscompscontact
Property Image
SOLD

Ellis Partners Acquires Menlo Park Office Building For $62.6M

200 Middlefield Rd Menlo Park, CA 94025, USA

See Similar Deals
Office43,082 SF
Sold 06/09/2023
Clayton Jones
Christian Prelle
Kevin Cunningham
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:Office
Price Per Square Foot:$1,453
Total Square Footage:43,082 SF
Transaction Type:Sale

San Francisco real estate firm Ellis Partners has purchased a Menlo Park office building located at 200 Middlefield Road for over $62 million. The transaction was facilitated by brokers Clayton Jones, Christian Prelle, and Kevin Cunningham from Newmark. The sale was completed on June 9, 2023, in the Menlo Park market. The office building spans a total of 43,082 square feet, with a price per square foot of $1,453.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $62,600,000
  • Address: 200 Middlefield Road, Menlo Park
  • Market: Menlo Park
  • Brokers: Clayton Jones, Christian Prelle, and Kevin Cunningham - Newmark

Ellis Partners, represented by Jason Morehouse, acquired the Menlo Park office building from TIAA-CREF. The purchase was driven by the attractive features of the property, as well as the favorable market conditions in the area.

Players

Clayton Jones
Newmark
Clayton Jones
1 deal$62.6M volume(650) 473-4774
BROKER
Christian Prelle
Newmark
Christian Prelle
2 deals$62.6M volume(650) 688-8504
BROKER
Kevin Cunningham
Newmark
Kevin Cunningham
1 deal$62.6M volume(650) 688-8521
BROKER
EP
Ellis Partners
BUYER
TIAA
TIAA
SELLER

Details

SOLD
IMAGE: Kevin Cunningham, Clayton Jones & Christian Prelle DATE: 06/09/2023 ADDRESS: 200 Middlefield Road MARKET: Menlo Park ASSET TYPE: Office BUYER: Ellis Partners - Jason Morehouse SELLER: TIAA-CREF BROKERS: Clayton Jones, Christian Prelle & Kevin Cunningham - Newmark SALE PRICE: $62,600,000 SF: 43,082 ~ PPSF: $1,453 NOTE: San Francisco real estate firm Ellis Partners has purchased a Menlo Park office building for over $62 million due to its attractive features and favorable market conditions in the area.

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Deal Type
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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$222,404.59
Cash-on-Cash Return-1.27%
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