Sand Hill Property Co. buys Silicon Valley office for $380m
Palo Alto, Calif.–based Sand Hill Property Co. has purchased the former headquarters of Hewlett Packard Enterprise Co. at 3000 Hanover St. in the Stanford Business Park in Palo Alto for $380 million, according to local media outlets.
The assets total 546,0000 square feet. Silicon Valley Business Journal reported it was $700 per square foot.
Hewlett Packard Enterprise Co. is an American multinational enterprise information technology company.
Cushman & Wakefield’s year-end office and R&D market reports for Silicon Valley revealed a strong annual performance for both sectors overall in 2018. As one of the world’s most dominant and innovative tech markets, these two real estate sectors combined to hit 2.5 million square feet of positive net absorption, or occupancy growth, across the valley in 2018. After a soft first half plagued by deep occupancy losses, the R&D sector quickly shifted course in the second half with red-hot growth. Meanwhile, with gains in all four quarters, the office market had one of its strongest occupancy showings on record.