Newmark represented Broadcom in the sale of The Campus at Stanford Research Park, a 1.1-million-square-foot office and R&D campus within Stanford Research Park in Palo Alto. The 70-acre campus was acquired by a partnership between Harvest Properties and TPG Real Estate in what was reportedly the largest property sale on a square-footage basis in Stanford Research Park history. Although the purchase price was not disclosed, the San Francisco Business Times reported it as $115 million or about $104 per square foot.
Executive vice chairman and president, Western Region Capital Markets Steven Golubchik, vice chairman Edmund Najera, managing director Darren Hollak and associate director Brendan Raney represented the seller, Broadcom in partnership with Stanford University. Broadcom gained ownership of the campus after acquiring VMware, which owned the campus and was headquartered there.
“The Newmark team is proud to support the continued success of The Campus at Stanford Research Park through this transaction, managing the negotiation of a ground lease extension and the large-scale repositioning of a single-tenant campus to accommodate a multi-tenant lease-up,” said Golubchik. “We are thrilled to deliver a fantastic execution for Broadcom and Stanford and know the Harvest and TPG Real Estate teams will continue to invest in the Campus for the benefit of tenants and the broader Standford and Silicon Valley communities.”
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