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Blackstone Acquires 3 Silicon Valley Assets for $291M

Connect Silicon Valley is headed to the Silicon Valley Capital Club on February 1. Explore the agenda and register today.

New York-based Blackstone completed the acquisition of three Silicon Valley assets from Swedish pension fund manager, Alecta, for a reported $291 million. The properties include two in Mountain View, 590 East Middlefield Rd. (sold for $57.1 million) and 685 East Middlefield Rd. (sold for $97.3 million), as well as 601 California Ave. in Palo Alto (sold for $136.8 million).

The assets were part of the pension managers’ 22-property U.S. portfolio, including six in the Bay Area, as well as 26 properties in the UK announced for disposition in 2016.

The 100,000-square-foot 590 E. Middlefield is leased to Omnicell, an automated healthcare solutions company. The second Mountain View asset, 685 E. Middlefield, totals 460,000 square feet and is leased to Siemens Healthcare. The 273,000-square-foot Palo Alto property in Stanford Research Park is leased to law firm Wilson Sonsini Goodrich & Rosati.

JLL’s Peter Nicoletti led the team handling the sale process.

For comments, questions or concerns, please contact Dennis Kaiser


Inside The Story

Read more at The RegistryConnect With JLL’s Nicoletti

About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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