Sand Hill Commons, a two-building office complex at 2882-2884 Sand Hill Road, was sold June 30 for $131.5 million, the broker reported.
The 133,000-square-foot property was acquired by ING Clarion of New York, the management arm of ING Real Estate, said Gary Willard, managing director of NAI BT Investment Services Group, which brokered the deal.
The property was purchased for $992 per square foot — the highest per-square-foot price ever paid for a multi-tenant building on the West Coast, Mr. Willard said.
“This deal is certainly an indicator of the desirability of real estate on the Midpeninsula,” he said.
Tenants of the complex include venture capital firms and market research companies. The change in ownership will not affect leases held by current tenants, Mr. Willard said.
The previous owner, Bob Courson of Sand Hill Commons, will continue to manage the properties, Mr. Willard said.
