Bisnow Exclusive: Record-Breaking Menlo Park Sale
A 42k SF Menlo Park building packed with VC and tech heavyweights just closed in a record-setting transaction.
The buyer of 200 Middlefield Rd is TIAA-CREF, sources tell us. Seller Menlo Equities is having a good day because it traded for $50M, or $1,193/SF. One factor that drove the price tag up: it's filled with 90% credit tenants. The HFF team repping the seller was led by Steven Golubchik (pictured). Market sources say it's one of the highest per-SF sales prices achieved for multi-tenant office product in the Bay Area. Steve says it's only one of six newly built office properties to come to market in Menlo Park/Palo Alto in the past 20-plus years, making it truly a generational opportunity.
Originally constructed in 1967, the property underwent a full rebuild in 2012. (The same thing happened with Star Trek.) Tenants include Summit Partners, Optum Soft, Blackstone and Rubicon, which sit less than a mile from the Palo Alto and Menlo Park Caltrain stations. The HFF team also included Michael Leggett and John Simerlein, who worked in conjunction with Cornish and Carey’s Kevin Cunningham. Interest rolled in from numerous domestic and foreign investors, says Steve. (After watching some angry World Cup fans, it's nice to know the world agrees on something.)
