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A two-story office building in Menlo Park sold for $103.75 million in December, at a record $2,271 per square foot for an office sale in San Mateo County in 2025, according to real estate software company Yardi Matrix.
The 45,674-square-foot property at 1540 El Camino Real was sold by Los Altos-based developer Four Corners Properties, which acquired the site in 2019. The company built the office complex, along with the three-story Realm apartment building behind it. The December sales transaction, however, did not include the apartment building, according to documents viewed by this news organization.
The office building was purchased by SG Menlo LLC, a company recently registered in Irvine by Hyung Nam Kim, according to the California Secretary of State.
Four Corners Properties sold the office building as part of an effort to reduce financial risk of its portfolio, the Silicon Valley Business Journal reported. The company told the Journal it is on a buying spree and has recently purchased a 24-acre property in San Jose for $50.5 million.
The site has a long commercial history. Beltramo’s Wines & Spirits operated there for more than 80 years, until the business closed in 2016. Current tenants include investment firm Glynn Capital and law firm Sheppard Mullin.
Office space in Menlo Park is some of the priciest in the United States, with average leasing rates at $8.72 per square foot according to a 2025 Q4 report by Kidder Mathews. In San Mateo County, the average lease is $5.77 per square foot, and the Silicon Valley average (which does not include any part of San Mateo County) is $4.10.
Menlo Park has a disproportionate amount of office space compared to its population. It has a total office inventory of 7,610,528 square feet, comprising 18.8% of San Mateo County’s office space, but it has only 4.4% of San Mateo County’s population, according to Kidder Mathews.
Four Corners Properties did not respond to a request for comment.
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