{"id":1004039755,"date":"2012-03-05T05:25:31","date_gmt":"2012-03-05T13:25:31","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004037061"},"modified":"2022-12-08T21:20:43","modified_gmt":"2022-12-09T05:20:43","slug":"kilroy-realty-buys-bay-area-office-park-for-162m-2","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/kilroy-realty-buys-bay-area-office-park-for-162m-2\/","title":{"rendered":"Kilroy Realty Buys Bay-Area Office Park for $162M"},"content":{"rendered":"<p><strong>March 5, 2012<\/strong><br \/>\n<em>By Scott Baltic, Contributing Editor <\/em><br \/>\n<a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/03\/030512-Menlo-Corporate-Center-v2.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004037063\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/031312-econwatch-signature-user-wiertz-sebastien-300x199\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/03\/031312-EconWatch-Signature-user-Wiertz-S\u00e9bastien-300x199.jpg\" data-orig-size=\"300,199\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"031312-EconWatch-Signature-user-Wiertz-S\u00e9bastien-300&#215;199\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/03\/031312-EconWatch-Signature-user-Wiertz-S\u00e9bastien-300x199.jpg?w=300\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/03\/030512-Menlo-Corporate-Center-v2.jpg\" alt=\"\" title=\"030512 - Menlo Corporate Center v2\" width=\"300\" height=\"206\" class=\"alignright size-medium wp-image-1004037063\" \/><\/a><\/p>\n<p>Kilroy Realty Corp. of Los Angeles has purchased Menlo Corporate Center in Menlo Park, Calif., for approximately $162.2 million. The seven-building, 374,000-square-foot park is 79 percent occupied by 10 tenants, including the Lucile Packard Children\u2019s Hospital at Stanford, E*Trade and Allstate Insurance. With the acquisition, Kilroy Realty has since 2010 acquired eight office projects in the San Francisco Bay Area, totaling about 2.6 million square feet and for an aggregate investment of about $877 million.<\/p>\n<p>Menlo Corporate Center is at 4100\u20134700 Bohannon Drive with freeway frontage on Highway 101. It consists of seven two-story Class A office buildings built between 1985 and 1990 and situated on 19.8 acres.<\/p>\n<p>No financing was involved in the purchase, Mike Sanford, Kilroy Realty\u2019s senior vice president in Northern California told Commercial Property Executive. The REIT purchased the park free and clear with no plans for secured debt, he said.<\/p>\n<p>The campus had recently undergone about $6 million in renovations, including roof and HVAC replacements, lobby renovations, and exterior renovations, Sanford said. The previous owner had purchased the complex during an uptick in the market, Sanford told CPE. While they were renovating the property, the market collapsed, he said, \u201cand as a result, the market conditions weren\u2019t conducive to investing further tenant improvement dollars to make the available space attractive, inhibiting lease-up.\u201d<\/p>\n<p>\u201cVacancy in a rising market is a good thing, which is one of the things that attracted us to this asset,\u201d Sanford said. \u201cBelow-market rents are rolling, and there is interest in existing space from potential tenants.\u201d<\/p>\n<p>He described Menlo Corporate Center\u2019s location as \u201cone of Silicon Valley\u2019s most desirable and tightly supply-constrained submarkets,\u201d adding, \u201cWe see strong fundamentals in Silicon Valley and Peninsula office markets and will continue to pursue opportunities that make strategic and economic sense for the company.\u201d<\/p>\n<p>Although Kilroy declined to identify the seller, an individual who\u2019s familiar with the property, but spoke to CPE on condition of anonymity, said the seller was Walton Street Capital L.L.C. of Chicago. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Kilroy Realty Corp. of Los Angeles has purchased Menlo Corporate Center in Menlo Park, Calif., for approximately $162.2 million. The seven-building, 374,000-square-foot park is 79 percent occupied by 10 tenants.<\/p>\n","protected":false},"author":1201,"featured_media":1004036986,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21781,21808,21742,21747,15],"tags":[],"class_list":["post-1004039755","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-real-estate","category-featured","category-latest","category-office","category-west"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Kilroy Realty Buys Bay-Area Office Park for $162M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/kilroy-realty-buys-bay-area-office-park-for-162m-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kilroy Realty Buys Bay-Area Office Park for $162M\" \/>\n<meta property=\"og:description\" content=\"Kilroy Realty Corp. of Los Angeles has purchased Menlo Corporate Center in Menlo Park, Calif., for approximately $162.2 million. 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