SAN FRANCISCO – A 128,678-square-foot office building at 3175 Hanover Street in San Francisco has received $86.5 million in acquisition financing. The single-tenant building is located within the Stanford Research Park, which is home to companies like VMware and Hewlett-Packard.
The 700-acre Stanford Research Park includes 10 million square feet throughout 160 buildings and facilities. It contains more than 23,000 employees at 150 companies, including Tesla, which uses the park for its headquarters and research facility. The park was originally developed by the adjacent Stanford University in 1951.
The building is fully leased to global law firm Cooley LLP. It was acquired by a Sand Hill Property Company joint venture. The non-recourse financing was arranged by John Nelson of CBRE's San Francisco office. It was provided by a Wall Street lender.