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Toyota Research Institute has leased a 22,392 SF office space in Palo Alto at the Page Mill Center, bringing the center to full occupancy.
Hudson Pacific Properties CEO Victor Coleman was enthusiastic about the deal. “In less than a year, we’ve taken that office campus from 60% to 100% leased, filling it with quality tenants on long-term leases at rents at or above our underwriting,” he says.
The Japanese automotive company intends to use the space for 200 employees to work on self-driving cars. The project is part of a wider, five-year $1B AI and robotics research effort by Toyota in Silicon Valley and Cambridge, MA.
Hudson Pacific acquired the four-building, 176,245 SF Page Mill Center from Blackstone in 2015. The purchase was part of a wider $3.5B acquisition of 8.2M SF of office space from Blackstone. The Bay Area portfolio included 26 office properties along with two parcels.
