{"id":1004342465,"date":"2019-07-29T15:35:27","date_gmt":"2019-07-29T23:35:27","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004342465"},"modified":"2019-07-29T23:33:16","modified_gmt":"2019-07-30T07:33:16","slug":"longfellow-stretches-footprint-with-205m-bay-area-buy","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/longfellow-stretches-footprint-with-205m-bay-area-buy\/","title":{"rendered":"Longfellow Stretches Footprint With $205M Bay Area Buy"},"content":{"rendered":"
\"\"

Palo Alto Technology Center. Image courtesy of Longfellow Real Estate Partners<\/em><\/p><\/div>\n

Extending its reach in West Coast life sciences and technology markets, Longfellow Real Estate Partners has acquired Palo Alto Technology Center from KBS in a $205 million deal, the company said on Monday. All told, Longfellow\u2019s flurry of acquisitions brings the firm\u2019s holdings to more than 2 million square feet on the West Coast and 4.7 million square feet nationwide.<\/p>\n

Located near Stanford Research Park and Stanford University, the campus further raises Longfellow\u2019s profile in the San Francisco Bay region, named earlier this year as the nation\u2019s second-largest life sciences cluster by CBRE. Barriers to entry provided a further incentive for the acquisition of the 10-building, 259,586-square-foot asset. Longfellow cited the anticipated decision by the city of Palo Alto to permanently limit new office development in three major corridors to 50,000 square feet annually. Such a move would result in little or no competition to Palo Alto Technology Center from new product, the company said. <\/p>\n

\"\"

Exterior view of Palo Alto Technology Center. Image courtesy of Longfellow Real Estate Partners<\/em><\/p><\/div>\n

Golden State Hot Streak<\/h2>\n

Elsewhere in the Bay Area, Longfellow closed in March on the acquisition of a 49.9 percent stake in Bayshore Technology Park, a 1 million-square-foot campus north of Palo Alto in Redwood City. PGIM retains a 50.1 percent stake in the 20-building asset, while Longfellow serves as operating partner.<\/p>\n

Palo Alto Technology Center is the latest in a series of California acquisitions that Longfellow launched late last year with several deals in the Sorrento Valley submarket of San Diego. In November 2018, the firm paid $112 million<\/a> for the Inspire Portfolio, a 12-building collection it bought from Parallel Capital Partners. Most recently, Longfellow announced earlier this month that it had closed on the purchase of Sycamore Creek Research Park<\/a>, an 86,788-square-foot office asset.<\/p>\n

For KBS, the sale of Palo Alto Technology Center continues a recent streak of high-octane dispositions. On July 18, a fund sponsored by the private equity investor completed the $1.2 billion sale of an office portfolio<\/a> comprising 11 properties in nine states.<\/p>\n

Last week, KBS announced that New York Life Insurance Co. had paid $71.8 million for Financial Center at the Gardens, in Palm Beach Gardens, Fla. And on June 27, Armada Hoffler Properties Inc. said that it had closed on the $101 million acquisition of Thames Street Wharf, a 263,426-square-foot trophy office building in Baltimore\u2019s Harbor Point neighborhood.<\/p>\n","protected":false},"excerpt":{"rendered":"

The investor’s latest deal increases its holdings to 4.7 million square feet nationwide. KBS, the seller, continues its streak of high-octane dispositions.<\/p>\n","protected":false},"author":445,"featured_media":1004342474,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,21742,21747,36079,15],"tags":[43841,34162],"class_list":["post-1004342465","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-latest","category-office","category-san-jose","category-west","tag-kbs","tag-longfellow-real-estate-partners"],"acf":[],"yoast_head":"\nLongfellow Stretches Footprint With $205M Bay Area Buy - 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\/longfellow-stretches-footprint-with-205m-bay-area-buy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Longfellow Stretches Footprint With $205M Bay Area Buy\" \/>\n<meta property=\"og:description\" content=\"The investor's latest deal increases its holdings to 4.7 million square feet nationwide. 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