Harvest Properties And TPG Real Estate Purchase 1.1M SF Office Campus From Hock Tan For $115M

The property involved in this transaction is a 70-acre office asset located on Hillview Avenue in Palo Alto, identified as part of Stanford Research Park. The asset encompasses a total square footage of 1,100,000, sold for $115,000,000 at a price per square foot of $105.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $115,000,000
• Square Footage: 1,100,000
• Price per Square Foot: $105
• Buyer: Harvest Properties & TPG Real Estate
• Seller: Hock Tan - Broadcom
• Market: Palo Alto

This transaction was executed with Harvest Properties and TPG Real Estate acquiring the site from Hock Tan of Broadcom. The sale involves Broadcom offloading a mostly vacant 13-building campus while retaining 550,000 square feet in a nearby location, with the buyers intending to upgrade the site amid renewed demand for office spaces in Silicon Valley.