San Francisco, CA – Today, Ellis Partners announced the acquisition of 200 Middlefield Road in Menlo Park, CA. The Class-A office building is located in the epicenter of Silicon Valley – home to top venture capital and the nearby start-up ecosystem. The purchase price was not disclosed.
The boutique office building was originally built in 1967 as the Mills Building, and fully reconstructed in 2012. The property offers 43,082 sq. ft. of best-in-class space, an above market parking count, as well as equidistant access to both Downtown Palo Alto and Downtown Menlo Park for retail, amenities, and Caltrain stations.
“We are thrilled to add this unique asset to our long-term portfolio,” said Jason Morehouse, Partner and Chief Investment Officer. “With a highly amenitized courtyard, top-of-the-line finishes, and above-market parking ratio, the building has proven appeal through market cycles. The building was entirely rebuilt in 2012, and it shows.”
The 87% leased property consists of a two-story steel-reinforced building with an interior courtyard, situated above a one-level underground garage. The building’s center of gravity is the 5,810 sq. ft. of tranquil outdoor space – a workplace must post-pandemic. The property tenancy is anchored by both a leading private equity firm and venture capital firm.
“We look forward to working with current and future tenants as the office sector continues its post-pandemic recovery and evolution,” said Morehouse.
“We would like to thank the entire Newmark capital markets and leasing team for their assistance with this transaction,” added Kevin Bocci, Vice President of Acquisitions.