Bay Area Office Building Trades for $39M

250 Cambridge. Image courtesy of Newmark

Tarlton Properties Inc. has sold 250 Cambridge, a 34,558-square-foot office building in Palo Alto, Calif., for $39.3 million. The buyer was Wheatley Properties, according to CommercialEdge data. Newmark represented both parties and also arranged the acquisition financing through a regional bank.

The three-story building came online in 1987. Stellar Solutions, Cambridge Optometry and Yellowbrick Data are the current tenants, among others, CommercialEdge data shows. The new owner is planning renovations that are currently pending approval.

Located at 250 Cambridge Ave. within Palo Alto’s California Avenue corridor, the property is within 2 miles of Stanford Research Park, where tenants such as Guardant Health, Kodiak Bioscience, Tesla and SAP are located. The 292,000-square-foot office campus traded in January for $446 million, in one of the largest deals that closed in the first quarter of 2022.

Newmark Executive Vice Chairman & President Steven Golubchik, Senior Managing Directors Seth McKinnon and Jonathan Schaefler, alongside Director Darren Hollak, worked on the 250 Cambridge transaction. Vice Chairman Ramsey Daya and Senior Managing Director Chris Moritz secured the financing.

According to CommercialEdge information, 250 Cambridge is one of only three office assets larger than 25,000 square feet that have changed hands in Palo Alto since the beginning of the year.