By Jon Peterson
Bethesda, Md.-based Lockheed Martin has announced it is intending to sell 10 acres of land located within the Stanford Research Park in Palo Alto. The parcel, which is located in one of Silicon Valley’s most storied areas could be the home of a new office or R&D development.[contextly_sidebar id=”tlW4IlbJW2To4lSy7RTm77SA6AU9OlLx”]The company, which has a regional office in Palo Alto, has owned the land for a long time. It considers the land to be excess real estate for the property owner and sees an opportune time to place it on the market. This sale would represent one of the few land parcels in the park to be offered up for sale in the past few years.
Lockheed has hired JLL as its listing agent on the sale, and one of the people involved in the sale is Erik Doyle, a managing director with JLL in its Palo Alto office.
“I think the timing for this sale is very good. I would think that there would be a lot of interest in the parcel from a combination of either users or developers,” said Doyle. The offers for this property will be due in the next 30 days.
According to a second quarter Cornish & Carey Commercial Newmark Knight Frank report on the South Peninsula office market, Stanford Research Park in Palo Alto has just over three million square feet of available inventory. 3.74 percent of that is vacant, which represents one of the tightest office markets around the Bay Area. In the South Peninsula office market, which Cornish defined as the cities of Redwood Shores, Menlo Park, Palo Alto, Mountain View and Los Altos, the only tighter office market can be found in the Mountain View submarkets of Shoreline (zero vacancy), Middlefield (1.79 percent) and El Camino Real corridor (2.8 percent).
It has not been firmly established as to the actual amount of square footage that the parcel can accommodate, although some estimates place it to be somewhere in the range of 150,000 square feet.
According to the Stanford Research Park Web site, the park totals 700 acres. The developed buildings and facilities within the park amount to 10 million square feet and 162 buildings. There are 150 companies in the park employing 23,000 employees.
The companies located within the park include a variety of businesses like electronics, space, biotechnology and computer hardware and software. The park does have public transportation with a Caltrans stop at California Avenue.
Map courtesy of Apple.