News
Clarion Pays $1,120/SF for Palo Alto Office
The New York firm just scooped up 490 California Ave, a 25k SF office building for $27.75M, or close to $1,120/SF. Tenants include SV developer Menlo Equities and Yelp. According to public records, Clarion Partners made the buy from Invesco, which had owned the property since July 2011. At that time, Invesco purchased the building for $19.4M, or $784/SF, reports the Silicon Valley Business Journal. According to a Q2 2015 JLL report for Silicon Valley, Class-A space carries a 3.6% vacancy in Palo Alto, the third lowest in Silicon Valley overall. [SVBJ]
