Alexandria Real Estate buys second Stanford University office building

Alexandria Real Estate Equities, a Pasadena-based real estate investment trust, has purchased a property owned by Stanford University, according to the Mercury News.

The 96,500-square-foot, class A office building is located at 3160 Porter Drive in Stanford Research Park in Palo Alto, Calif. It contains 46,041 square feet of lettable space and has a furnished plug-and-play lab/office build out with 54 private offices, according to a listing on LoopNet.com.

It also contains bio/chem labs, chemical storage, eyewash and emergency showers, a large shipping/receiving area with storage available, on-site cafeteria capability, and an on-site gymnasium.

The sole tenant is Stanford Health.

County documents and estimates from Silicon Valley real estate sources appraised the most recent purchase at around $97 million.

The Palo Alto purchase marks Alexandria’s second in the region this year, following the firm’s earlier acquisition of the 100,000-square-foot adjacent property at 3170 Porter Drive.

That property carried a price tag of $100 million.