By Jon Peterson
An investment entity associated with Blox Ventures has sold the 55,000 square foot 530 Lytton Avenue office building in Palo Alto to CM Capital Corp. for $117.5 million, or around $2,136 per square foot, according to sources familiar with the transaction. The buyer of the building is the real estate group of the Hong Kong-based Cha family.
The sellers, jointly part of an entity called LVBL Ventures LLC, which includes Law & Associates, were represented in the transaction by NKF Capital Markets. The people involved in the transaction included Steven Golubchik and Ramsey Daya.
Blox had paid $52.9 million, or around $962 per square foot, for the property in September of 2015.
CN Capital is no stranger to owning real estate in Palo Alto. The company also holds in its portfolio the adjacent building located at 525 University Avenue.
530 Lytton was built in 1972. This office building is anchored by Bank of America and various venture capital companies like Translink Capital, venture arms of the CSC Group and Allianz. The property covers an entire city block and is one of the largest office buildings in downtown Palo Alto.
The seller had made some significant additions to the property during its ownership of the asset. One part of the improvements was on the first and third floors, which went through a full renovation including new elevators, staircases and wood flooring in the hallways. The interior lobbies and outside amenity areas were enhanced by modernizing the asset while being thoughtful in utilizing materials that relate to the original design and vintage of the building.
Blox as a property owner sill owns other assets in Palo Alto. These include properties located at 2100 El Camino Real in Palo Alto and 70 North Second Street in San Jose.