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PALO ALTO, CALIF. —TIBCO Software has sold a 292,000-square-foot office/R&D campus in Palo Alto to Morgan Stanley’s Prime Property Fund for a reported $330 million. The campus is located at 3301-3307 Hillview Ave. within the Stanford Research Park.
The acquisition was the largest sales transaction in Palo Alto history, according to Cushman & Wakefield, which marketed the property. The infrastructure and business intelligence software provider signed a long-term leaseback agreement with the new owner.
The sale transaction was led by Adam Lasoff and Grant Lammersen of the firm’s Northern California Capital Markets team. They were assisted by Michael McMillan.