Semen Valani Acquires Office Building At 578 University Avenue In Palo Alto For $13M

The office asset located at 578 University Avenue in Palo Alto was sold for approximately $13,000,000. This property encompasses 9,000 square feet, reflecting a price per square foot of $1,444. It is currently occupied by Compass, which will remain a tenant as it prepares to renew its lease next summer.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $13,000,000
• Address: 578 University Avenue
• Market: Palo Alto
• Square Footage: 9,000
• Price Per Square Foot: $1,444
• Buyer: Semen Valani
• Seller: Scott Rugtiv, Nancy Rugtiv Cronin, Susan Rugtiv Stewart, Timothy Stewart, Barbara Clapper, David Clapper & Ann Downey Manoukian
• Broker: Jon Goldman - Premier Properties

A buyer registered as 578 University Avenue LLC, associated with Semen Valani, completed the acquisition, marking the end of decades of ownership by the Rugtiv and Clapper families.