Owner Gianni Chiloiro could not be immediately reached for comment. He has been at the 326 University Ave. space for years, operating Pasta Q for 15 years before doing a major renovation and concept revamp to reopen as Figo.
Now-shuttered Figo at 326 University Ave. in downtown Palo Alto.
Pasta Q also later reopened -- at 160 Castro St. in Mountain View -- and this year was reborn as new pizzeria Doppio Zero.
The Daily Post reported last week that Chiloiro initially closed the restaurant after making a deal with the owners of Opa!, a local Greek restaurant group with a location in Los Altos, but Opa! pulled out at the last minute.
Bruce Breitman, a business broker who specializes in the sale and leasing of restaurants in the Bay Area (he moved Lavanda in and out years ago), said he's in the preliminary stages of doing paperwork for a transaction for the University Avenue space.
"There's a lot of interest," he said.