David C. Brett Purchases Office Building From Glenn & Mary Atwater In Palo Alto For $9.5M

The property asset involved in the transaction is an office building located at 775 Page Mill Road, Palo Alto, which has a total square footage of 10,000. The sale price was set at $9,500,000, amounting to a price per square foot of $950. This property is situated in the Palo Alto market.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $9,500,000
• Buyer: David C. Brett
• Seller: Glenn & Mary Atwater
• Broker: Jon Goldman - Premier Properties
• Asking Price: $12,500,000
• Renovation Plan: $4,000,000
• Previous Tenant: UBS

David C. Brett, a developer from Redwood City, has purchased the office building from Glenn and Mary Atwater, who owned it through a family trust. Jon Goldman represented the transaction on behalf of Premier Properties. Brett intends to undertake a significant renovation in order to reposition the asset for high-end tenants, following its long-term lease to UBS.