San Francisco, November 26, 2013 — Rockwood Capital announced today it has acquired 130 Lytton, one of downtown Palo Alto’s largest office buildings, from KG-Lytton, LLC. The purchase price was $53 million, or $1,060 per square foot. The 50,000 square foot property is 100% leased to A9, a subsidiary of Amazon, for use as its headquarters. The property is located across the street from Palo Alto’s Caltrain Station, which features a “baby bullet” 35 minute express train to San Francisco. The four-story building has outdoor patios on all floors, a unique and appealing building amenity.
“One of the cornerstones of our investment strategy is investing in mixed-use environments that benefit from public transportation. We are confident in the long-term desirability of office space in downtown Palo Alto, with its dynamic retail core and urban atmosphere,” said Jason Oberman, Vice President at Rockwood Capital.
Rockwood Capital is working with Tarlton Properties. Kevin Cunningham of Cornish and Carey Commercial Newmark Knight Frank and Hernan Santos and Charlie McCabe of CBRE represented the Seller.
About Rockwood Capital, LLC
Rockwood Capital, LLC is a real estate investment firm that provides equity capital combined with real estate expertise for repositioning, recapitalization, development and redevelopment of retail, hotel, residential, office and research and development space in key markets throughout the United States. Since 1990, Rockwood and its principals have invested on behalf of their clients approximately $15.0 billion of real estate through nine value-add vehicles and three separate accounts. Today, Rockwood is an 82 person real estate investment firm with offices in San Francisco, CA, White Plains, NY, and Los Angeles, CA and manages a portfolio of approximately $2.9 billion of net equity value in approximately $7.6 billion of gross real estate value. Rockwood’s investors include public and private pension funds, endowments, foundations, insurance companies, fund of funds, high net worth individuals and family offices.
About Tarlton Properties
Tarlton Properties is a regional property developer with deep roots in its core markets of Palo Alto and Menlo Park. Partnering with both private and institutional capital to acquire, reposition and develop office, mixed-use and R&D properties, Tarlton Properties has a string of successful projects spanning nearly four decades, comprising over 3 million square feet in Silicon Valley.