Behind the Deal: Why Atherton Financial Building's Fetched $1,455/SF
We caught up with the brokers who just repped the seller in an eye-popping $1,455/SF deal in Menlo Park: Intero Commercial's Yuan Chang and Guggenheim Realty Group's Eric Jong. A private investor coughed up $14.3M for the 9,825 SF Atherton Financial Building at 1906 El Camino Real. We crashed their lunch, but they had a few minutes to tell us the deal's back story (they hadn't ordered yet). The building flew off the shelves after just two months, drawing lots of interest from private investors and institutional investors overseas, as well as owner/user groups. A few bids rolled in, says Yuan. Why the big interest and price tag? There's simply a dearth of nice product and not too many development opportunities out there, says Eric. The two have teamed up in the past and got in on this listing because ownership brought both them on to stabilize the project. They tell us most of the deals they're currently working on--in South Bay, Mountain View, Menlo Park and Palo Alto--are off-market.