Kilroy Realty Buys Two Buildings In Palo Alto For $130M
Kilroy Realty just bought two buildings in Palo Alto’s Stanford Research Park for $130M ($850/SF) from Stanford University. The buildings at 1701 Page Mill Road and 3150 Porter Drive total 152k SF. It marks the firm's first Palo Alto buy.
Theranos fully occupies the 116k SF two-story office and R&D building on Page Mill Road, reports the San Francisco Business Times. Law firm Perkins Coie fully leases the Porter Drive building. Combined lease terms are over 10 years and rents are 20% to 25% below market rate.
In Silicon Valley, Kilroy Realty also owns property in Redwood City, Mountain View, Sunnyvale and Menlo Park. In San Francisco, its current projects include an office building at 100 Hooper St, which already pre-leased 207k SF to Adobe, and the Exchange at 16th. It also plans to redevelop the San Francisco Flower Mart. [SFBT]