(EDITOR’S NOTE: According to public documents reviewed by The Registry, the property sold for $62,665,000, or approximately $1,455 per square foot. Ellis Partners acquired the property with New York State Common Retirement Fund as its capital source. The seller was an entity affiliated with Nuveen, formerly TIAA-CREF, which purchased the asset in 2014 from Menlo Equities for $50.025 million.)
San Francisco, CA – Today, Ellis Partners announced the acquisition of 200 Middlefield Road in Menlo Park, CA. The Class-A office building is located in the epicenter of Silicon Valley – home to top venture capital and the nearby start-up ecosystem. The purchase price was not disclosed.
The boutique office building was originally built in 1967 as the Mills Building, and fully reconstructed in 2012. The property offers 43,082 sq. ft. of best-in-class space, an above market parking count, as well as equidistant access to both Downtown Palo Alto and Downtown Menlo Park for retail, amenities, and Caltrain stations.
“We are thrilled to add this unique asset to our long-term portfolio,” said Jason Morehouse, Partner and Chief Investment Officer. “With a highly amenitized courtyard, top-of-the-line finishes, and above-market parking ratio, the building has proven appeal through market cycles. The building was entirely rebuilt in 2012, and it shows.”
The 87% leased property consists of a two-story steel-reinforced building with an interior courtyard, situated above a one-level underground garage. The building’s center of gravity is the 5,810 sq. ft. of tranquil outdoor space – a workplace must post-pandemic. The property tenancy is anchored by both a leading private equity firm and venture capital firm.
“We look forward to working with current and future tenants as the office sector continues its post-pandemic recovery and evolution,” said Morehouse.
“We would like to thank the entire Newmark capital markets and leasing team for their assistance with this transaction,” added Kevin Bocci, Vice President of Acquisitions.
About Ellis Partners:
Ellis Partners is a privately-owned commercial real estate investment and development company founded in San Francisco in 1993. Working with a small group of long-standing private and institutional partners, the firm has successfully acquired and developed assets valued at over $3.5 billion. Ellis Partners has a long track record of success in the acquisition, entitlement, development, renovation and repositioning of office, industrial, retail, residential and mixed-use properties in Northern California. For more information regarding Ellis Partners, please visit www.ellispartners.com.