Palo Alto Office Building Fetches High Price in Wobbly Bay Area Market

Palo Alto office building fetches high price in wobbly Bay Area market

PALO ALTO — First Citizens Bank & Trust Co., which acquired the assets and deposits of failed Silicon Valley Bank, bought a downtown Palo Alto office building at a price that echoes back to a booming market before the COVID-19 outbreak. At the corner of University Avenue and Ramona Street, the four-story 41,400-square-foot building was bought for $82 million, according to documents filed on Aug. 8 with the Santa Clara County Recorder’s Office. F…

First Citizens Bank Buys 41,400 SQFT Palo Alto Mixed-Use Building for $82MM - The Registry

By The Registry Staff First Citizens Bank & Trust Co., which famously acquired the assets of the failed Silicon Valley Bank, has purchased a prominent downtown Palo Alto office building. According to industry reports, an office asset at 250 University Ave. was sold by Florida-based Inspire Real Estate Holdings for $82 million, or about $1,980 […] The post First Citizens Bank Buys 41,400 SQFT Palo Alto Mixed-Use Building for $82MM appeared first …