Alexandria Real Estate Acquires Office Building In Palo Alto For $446M
SOLD
$446,000,000
California
See Similar DealsOffice292,000 SF
Sold 01/10/2022
SOLD
Alexandria Real Estate Acquires Office Building In Palo Alto For $446M
3301 Hillview Avenue, Palo Alto, California 94304, United States
See Similar DealsOffice292,000 SF
Sold 01/10/2022
Summary
CALIFORNIA
Asset Type:Office
Price Per Square Foot:$1,527
Total Square Footage:292,000 SF
Transaction Type:Sale
The property asset involved in this transaction is an office located at 3301-3307 Hillview Avenue in Palo Alto. The property has a total area of 292,000 square feet. The sale took place on January 10, 2022, and the buyer of the property was Alexandria Real Estate. The sale price for the property was $446,000,000, resulting in a price per square foot of $1,527.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $446,000,000
- Address: 3301-3307 Hillview Avenue
- Market: Palo Alto
- Buyer: Alexandria Real Estate
- Size: 292,000 square feet
- Price per Square Foot: $1,527
The sale of this office property was made to Alexandria Real Estate. Their acquisition of the property signifies their expansion in the Palo Alto market. Joel S. Marcus is the representative for the buyer in this transaction.
Players
BUYER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$23,786,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$1,584,543.81
Cash-on-Cash Return-1.27%
Monthly Debt Service$2,114,267.54
Annual Debt Service$25,371,210.46
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