PALO ALTO — A veteran serious estate firm’s assets searching spree in Palo Alto has now topped $1 billion with the company’s newest order of a decision business campus in the South Bay tech hub, general public paperwork exhibit.

Alexandria True Estate, performing by way of an affiliate, has acquired a four-creating workplace elaborate on Hillview Avenue in Palo Alto, paperwork submitted on Jan. 6 with the Santa Clara County Recorder’s Place of work demonstrate.

The affiliate, ARE San Francisco No. 97, compensated $446 million for the places of work and a ground lease for the land beneath the quartet of structures, which have addresses of 3301 as a result of 3307 Hillview Ave., according to the county home data files.

The 4 properties with each other complete roughly 292,000 square toes, in accordance to a brochure circulated by CBRE, a business authentic estate organization that’s been promoting the assets.

Pasadena-primarily based Alexandria Real Estate acquired the properties, which are found in the prestigious Stanford Analysis Park space, by an all-income offer.

As is customary with residence transactions in the study park, Stanford College retained the ownership of the land beneath the 4 buildings and Alexandria Real Estate purchased a floor lease for the tech campus.

The county files indicated that Alexandria paid $267.6 million for the buildings and $178.4 million for the floor lease, bringing the full value of the deal to $446 million.

With the most current transaction, such as the price of the floor lease, Alexandria has used at least $1.37 billion paying for qualities in Palo Alto more than a 4-12 months interval that started out in January 2018.

Palo Alto is a person of the strongest business office marketplaces in the Bay Space, primarily because the town is a significant tech hub and has small emptiness premiums, in accordance to residence gurus.

Palo Alto Research & Technological innovation Centre, a 4-constructing Palo Alto place of work complex at 3301 by 3307 Hillview Ave. (CBRE)