Updated May 12, 2025
Cyrus Sanandaji Of Presidio Bay Ventures Acquires Former USGS Campus In Menlo Park For $137M
345 Middlefield Road
$137,000,000
Building Size
—
Asset Type
Office
Closing
Apr 16, 2025
About this deal
AI
The property asset involved in the transaction is an office located at 345 Middlefield Road in Menlo Park. The sale price for this asset was $137,000,000. The site encompasses 17 acres and previously served as the former USGS campus.
Summary of transation details:
- Property Type: Office
- Transaction Amount: $137,000,000
- Buyer: Cyrus Sanandaji
- Buyer's Company: Presidio Bay Ventures
- Previous Bidder: City Ventures with a bid of $120,000,000
- Market: Menlo Park
- Note: Sale awaits DOJ antitrust review and is viewed as an opportunity for affordable housing goals in Menlo Park.
Cyrus Sanandaji, representing Presidio Bay Ventures, won the sealed-bid auction for the property, successfully outbidding City Ventures. The outcome of the auction positioned Presidio Bay Ventures favorably in the competitive landscape of property acquisition in the area.
On the Map
$137,000,000
Office
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Menlo Park Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.12%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93