Updated Dec 4, 2024
The Douglas Living Trust Acquires Palo Alto Office Building For $58M
2555 Park Boulevard
$58,000,000
$1,933/SF
Building Size
30,000 SF
Asset Type
Office
Closing
Oct 5, 2023
About this deal
AI
The Douglas Living Trust has acquired a 30,000 square foot office building located at 2555 Park Boulevard in Palo Alto. The transaction was facilitated by Kenneth Fong of Kenson Ventures. The office building sits on a 0.33-acre plot of land and is valued at $58 million. The purchase price equates to $1,933 per square foot, indicating a high price tag for the property.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $58,000,000
- Square Footage: 30,000
- Address: 2555 Park Boulevard
- Market: Palo Alto
- Buyer: The Douglas Living Trust
- Seller: Kenson Ventures - Kenneth Fong
- Buyer's Representative: Alison S. Telleen - Loeb & Loeb LLP
This transaction indicates the Douglas Living Trust's interest in acquiring office space in Palo Alto. Despite the availability of sublease options, the trust's significant investment suggests possible plans of occupying the property in the future.
On the Map
$58,000,000
$1,933/SF
Office
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.27%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93