Longfellow acquires Palo Alto, Calif., technology center for $205m
Longfellow Real Estate Partners, which invests in life science, lab and innovation space across the United States, has acquired the Palo Alto Technology Center (PATC) from KBS for $205 million.
The PATC purchase is Longfellow’s fifth West Coast acquisition since late 2018. KBS originally purchased the property in 2012 on behalf of a sovereign wealth fund.
Located just three miles from Stanford University and a short distance from the Stanford Research Park, PATC’s 10 buildings total 259,586 square feet. The campus is about 99 percent leased. Tenants include Stanford, Bill.com, Aurora Innovation and Eversight.
Located at the focal point of the modern innovation economy, Palo Alto city officials recently announced that they are poised to make the 2015 cap on new office developments in the University Avenue, California Avenue and El Camino Corridors permanent. The cap limits annual office deliveries to 50,000 square feet per year, which if made permanent would