Alza Corporation occupied and owned four pre-paid ground
leases that included eight buildings totaling 250,000
square feet in the Stanford Research Park in Palo Alto,
California. The goal and objective for Alza Corporation
was to consolidate into a campus of approximately 500,000
square feet in Mountain View, California and be adjacent
to four other existing Alza facilities in Mountain View.
Alza decided to own its real estate because of its extensive
tenant improvement investment for laboratory research
facilities.
Successful completion of a 500,000-square-foot build-to-suit
joint venture corporate headquarters site. The disposition
of five buildings sold to a real estate investment trust
and two buildings sold to a real estate developer. Alza’s
corporate headquarters building was leased under a long-term
lease to a major law firm, providing annual earnings
per share benefit to Alza.
| 2625 Hanover Street, Palo Alto |
sale 32,074 sf
|
| 1500 Plymouth, Mountain View |
sublease 106,445 sf
|
| 1450 Page Mill Road, Palo Alto |
sale 63,823 sf
|
| 950 Page Mill Road, Palo Alto |
lease 71,409 sf
|
|
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