Sand Hill acquires property near old Facebook headquarters

Sand Hill acquires property near old Facebook headquarters


 

Sand Hill Property Co. has added another piece to its Stanford Research Park portfolio.

The Menlo Park-based developer bought the ground lease at 950 Page Mill Road in Palo Alto for $52 million from San Francisco-based Drawbridge Realty, according to a Drawbridge press release.

The 71,409 square-foot two-story building is home to law firm WilmerHale, whose lease runs through Sept. 2020, and Drawbridge’s predecessor company bought the property in 2005. The deal pencils out to $728 per square foot.

(Stanford owns all the land in the 700-acre research park, which is why deals in the park are for ground leases only.)

The deal is particularly significant because Sand Hill has been on a buying spree the last few years in Stanford Research Park, and the property is immediately adjacent to another property owned by the company — 1050 Page Mill Road, the former headquarters for Facebook that Sand Hill bought in 2013 for $130 million.

Following that deal, in 2014 Sand Hill bought 3175 Hanover St., home to law firm Cooley LLP, and a 2.9-acre parking lot at 330 El Camino Real for $140 million. Then in 2015, the company paid Lockheed Martin $52.5 million for the ground lease at 3251 Hanover St.

Sand Hill did not respond to a request for comment.

What’s the future for the newly purchased property?

According to the press release the building, built in 1970, was renovated in 2010 and 2013 with “high-end” interior finishes designed by architecture firm Gensler.

The company is redeveloping 1050 Page Mill. Earlier this year, the Palo Alto City Council approved plans to demolish the existing four buildings replace them with four new ones totaling 265,985 square feet, as reported by The Mercury News.

Jeffrey Weber, Mark Penrod, Greg Cioth, Andy Zighelboim, Edmund Najera, Paul Nelson, Nate Jones, John Block & Matt Hartman of Eastdil Secured represented Drawbridge.

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