Stanford Buys Redwood City Property For $39.5MM
Source: news.theregistrysf.com | Re-Post 10/23/2017 –
Stanford University, which has already begun developing a new 13-building campus in Redwood City, has purchased another property in the Peninsula city that will help it get closer to achieving its goals. According to public records, on July 19th, the Palo Alto-based university paid $39.5 million, or roughly $584, to acquire a nearly 68,000 square foot building from BioMed Realty located at 550 Broadway Avenue in Redwood City.
The plans for this building are not determined, yet, according to a report by the Silicon Valley Business Journal, and acknowledging the past use for the building as a Genentech data center and administrative office, a public relations representative stated that the university is exploring leasing the building on a short-term basis for a similar use.
Redwood City is Stanford’s first significant expansion outside of its main campus. “Stanford’s Redwood City campus will be infused with the ethos of the main campus, drawing from programmatic, cultural and design attributes. It will feel like Stanford. Covered arcades along with the greenway connecting buildings and landscaped spaces; the use of warm, high-quality building materials in the Stanford palette; and spaces of active and passive recreation are just a few examples,” said David Lenox, university architect, in a prepared statement.