Blox Ventures, Law & Assoc. Make Palo Alto Splash

A joint venture between Blox Ventures and Law & Associates has purchased an office building in Downtown Palo Alto for just under $61 million, or $1,057 per square foot. The building, 530 Lytton Ave., was owned by a group of private investors.

530 Lytton, which totals 57,400 square feet and three stories, is home to venture-capital firms, Bank of America and Regus. It was built in 1974 for Bank of America. The new owners plan to renovate the building.

Blox Ventures is a new company created by Jason Oberman, formerly of Rockwood Capital. It recently acquired an office building in Downtown San Jose. Law, headed by Linda Law, has developed University Circle and 101 Center in East Palo Alto, among other projects.