(EDITOR’S NOTE: According to public documents reviewed by The Registry, the buyer was an entity associated with TIAA-CREF.)
SAN FRANCISCO, CA – HFF announced today that it has closed the $50.025 million sale of 200 Middlefield Road, a 41,933-square-foot, Class A office property in Menlo Park, California.
HFF marketed the property on behalf of the seller, Menlo Equities. The asset was purchased for $50.025 million, or approximately $1,193 per square foot. 200 Middlefield is located within walking distance to the downtown Palo Alto retail core and is less than one mile from the Palo Alto and Menlo Park Caltrain stations. Originally constructed in 1967, the property underwent a full rebuild in 2012. The two-story property is 100 percent leased to a diverse mix of private equity and technology firms including Summit Partners, Optum Soft, Blackstone and Rubicon.
The HFF investment sales team representing the seller was led by managing director Steven Golubchik along with senior managing director and co-head of HFF’s national office investment sales platform Michael Leggett and director John Simerlein. HFF worked in conjunction with Cornish and Carey’s Kevin Cunningham on the sales assignment.
“This sale represents a generational opportunity as it is one of the few newly constructed buildings to come to market in the past 15 years in the submarket,” said Golubchik. “With a roster of credit tenants, as well as the high-quality reconstruction and finishes completed by Menlo, the property generated substantial interest from numerous domestic and foreign investors.”
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing.
For more information please visit hfflp.com or follow HFF on Twitter at twitter.com/hff.