Harrison Street Real Estate has enlisted Eastdil Secured and Savills to sell 3380 Coyote Hill Road, the newest and fully leased Class A office building in Palo Alto’s Stanford Research Park, five years after paying $123 million for the trophy asset now sitting across from General Motors’ incoming Bay Area campus.
The newest office building in Palo Alto’s Stanford Research Park is on the block. Harrison Street Real Estate has retained Eastdil Secured and Savills to market 3380 Coyote Hill Road, an 85,420-square-foot Class A building that the Chicago-based investment firm acquired for $123 million in December 2020, according to Santa Clara County property records. The offering hands investors a fully leased, institutional-quality asset in one of Silicon Valley’s most supply-starved office corridors.
That 2020 purchase penciled out to roughly $1,440 per square foot, a figure that reflected both the building’s newness and the scarcity of developable land inside the park. No asking price has been disclosed for the current offering.
Completed in 2020, the two-story building is the youngest structure in Stanford Research Park and, by the advisors’ account, the newest office building in Palo Alto. It features floor-to-ceiling glass, an expansive central atrium, flexible floor plates of about 42,500 square feet and significant outdoor amenity space across a 6.5-acre site, with parking at 3.1 stalls per 1,000 square feet.
The property is 100 percent leased to VMware, now part of Broadcom, and occupied by SAP, giving the asset dual investment-grade corporate credit. Roughly 9.5 years remain on the lease term, and contractual annual rent increases of 3 percent are structured to protect income against inflation. That long-dated, credit-backed cash flow is the core of the sales pitch.
Ownership of 3380 Coyote Hill is a leasehold interest rather than a fee position. The Board of Trustees of the Leland Stanford Junior University owns the land and ground-leases it, a structure common across the park, with approximately 45 years remaining on the ground lease. Harrison Street’s 2020 grant deed conveyed the building, improvements and parking areas but no fee interest in the underlying land, county records show.
The sale arrives as the broader Silicon Valley office market slowly claws back from years of elevated vacancy. Regional vacancy stood at 15.2 percent in the second quarter of 2026, with average asking rents of $5.27 per square foot on a monthly, full-service gross basis, according to CBRE’s Q2 2026 Silicon Valley office figures. Leasing activity has been climbing as tenants increasingly renew in place rather than relocate, the same report found. Palo Alto and the land-constrained enclave around Stanford University have consistently outperformed the wider region, where new office construction is scarce and entitlements are difficult to secure.
The timing also dovetails with a marquee arrival next door. General Motors leased nearly 340,000 square feet at the former Broadcom campus inside Stanford Research Park, choosing the Palo Alto site over Sunnyvale for a Bay Area research hub, The Registry reported in July 2026. The automaker’s expansion into the park underscores the corridor’s continued pull for technology and research-driven occupiers, even as much of the region’s office inventory sits idle.
Sitting adjacent to Stanford University, 3380 Coyote Hill draws on a globally recognized talent pool and a dense cluster of research institutions that have anchored the district since its founding in 1951. Longtime park tenants have included Hewlett-Packard and Tesla, and the roster of technology and life-science occupiers has helped insulate the submarket from the swings that have battered secondary Silicon Valley locations.
For Harrison Street, the offering marks a potential exit from a trophy leasehold acquired at the outset of the pandemic and held through a turbulent stretch for Bay Area offices. Whether the marketing draws the pricing the firm is seeking will test investor appetite for core, credit-backed West Coast office at a moment when capital is again circling the market’s highest-quality, longest-leased assets.
