Cyrus Sanandaji Of Presidio Bay Ventures Acquires Former USGS Campus In Menlo Park For $137M

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.