SoCal Firm Spends Big On Palo Alto Office Space: Report

PALO ALTO, CA — A Southern California firm is betting big on Palo Alto office space.

Alexandria Real Estate paid $40.5 million two buildings with a combined 77,000 square feet of office space on Hillview Avenue near Arastradero Roadin the heart of Stanford Research Park in its most recent purchase, The San Jose Mercury News reports.

The Pasadena-based real estate and investment firm’s most recent purchase brings its total spending on Palo Alto office space over the last three years to $850 million, the report said.

The company's first big Palo Alto purchase was in January of 2018, when it paid $136 million for the Embarcadero Place office complex on Geng Road, the report said.

Alexandria's biggest purchase was in December 2019, when it dropped $291 million on a Fabian Way property with several buildings previously owned by the defense contractor Space Systems Loral, the report said.

Read more at The San Jose Mercury News