PALO ALTO, CALIF. — Hudson Pacific Properties Inc. (NYSE: HPP) has acquired the leasehold interest in Page Mill Hill, a five-building office campus totaling 182,676 square feet in Stanford Research Park in Palo Alto, for $150 million.
HPP acquired the leasehold interest from a joint venture owned by Lionstone Investments and CalSTRS. The campus is currently fully occupied by legal and accounting firms including Gibson, Dunn & Crutcher; Frank, Rimerman + Co.; Manatt, Phelps & Phillips; and Perkins Coie.
Stanford Research Park is affiliated with Stanford University, and was founded in partnership with the city of Palo Alto in 1951. The 160-building park focuses on innovation, housing predominantly startups and research and development companies. Office tenants include Google, Tesla, Ford, Skype, Nest, Hewlett-Packard, Toyota Research Institute and Lockheed Martin.
Hudson Pacific is the largest office landlord in the park. The company owned the leasehold interest in six buildings totaling more than 1 million square feet prior to the recent acquisition of Page Mill Hill.
Hudson Pacific also claims to be the largest institutional leasehold owner of office space in Silicon Valley, with 22 assets totaling over 7 million square feet. Among its properties in the region are Palo Alto Square; Foothill Research Center in Palo Alto; Metro Center in Foster City; Skyport Plaza in San Jose; and Gateway in San Jose.
The company’s stock price closed at $34.32 per share on Monday, Dec. 12, up from $27.42 one year year ago.
— Katie Sloan