Stanford Research Park buildings sell for $330m
Morgan Stanley has acquired the Tibco Software headquarters in Palo Alto, Calif., for $330 million, or $1,130 per square foot, from Vista Equity Partners, which bought Tibco in 2014. Cushman & Wakefield represented the seller.
The 292,000-square-foot, four-building complex, which is located in the Stanford Research Park, was built in 1951 and was renovated in 2002. Tibco acquired the property in 2003 for $80 million.
According to Real Capital Analytics, San Francisco–area corporate owners acquired more than $2.3 billion of property for a net investment of $870 million in 2014. Google has been an active buyer of office properties in the Palo Alto/Mountain View submarket of Silicon Valley. The firm has purchased nine properties, totaling $546.1 million, in the past 24 months.
Thus far this quarter, 10 office properties have sold in the Palo Alto/Mountain View area for a total of $1.3 billion. The number one buyer of office properties in the su