DivcoWest Buys $610M Menlo Park Office Portfolio
Eastdil Secured provided the buyer with more than $320 million in acquisition financing from Bank of America.
3000 Sand Hill. Image via Google Street View
DivcoWest has paid Ford Land Co. $610 million for two office campuses totaling 297,826 square feet in Menlo Park, Calif., according to data provided by PropertyShark. Eastdil Secured negotiated $320.2 million in acquisition financing from Bank of America, public records show. The brokerage also represented the seller.
The properties are located at 2700-2770 and 3000 Sand Hill Road, halfway between San Francisco and San Jose. The first park, completed in 1993, comprises seven buildings totaling 115,220 square feet. The second, 182,606-square-foot campus, constructed in 1971, has four buildings. The assets’ tenant rosters include Silicon Valley Bank, Sequoia Capital, GGV Capital and Lexington Partners.
This is not DivcoWest’s first purchase in the venture capital hub. In 2011, the company acquired an interest in Quadrus, an office campus located at 2400-2498 Sand Hill Road. Following the latest deal, the owner’s portfolio includes 21 buildings in the submarket.
DivcoWest selected Newmark Knight Frank’s brokers Christian Prelle, Brad Van Linge, Clay Jones, and Sarah Bohannon to lease all its Sand Hill properties.
In January, DivcoWest sold The Telephone building, a 58,000-square-foot office property in Santa Monica, Calif., to Rockwood Capital.
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