TIBCO Office Sells for Record Price—But What Is It?
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In what is surely one of the largest sale transactions in Palo Alto history, a 292k SF office/R&D campus in Stanford Research Park just traded. But investment sales sources with knowledge of the leaseback rate say the $330M figure being reported doesn't make sense on a cap rate basis, so stay tuned for the confirmed figure. The 3301-3307 Hillview Ave property was just scooped up by Morgan Stanley’s Prime Property Fund. Bisnow was the first to report on the rare four-building cluster being up for grabs. Cushman & Wakefield repped seller TIBCO Software and says the property sold for the highest price ever in Palo Alto, though the figure was undisclosed. TIBCO has signed a long-term leaseback agreement with the new owner. The capital chasing the deal was "very diverse," sources say, and "very global." Just last month, C&W's Hospitality Group advised in another historic sale: The Calistoga Hills Resort, an 88-acre site in the foothills of Calistoga.