Palo Alto's First Republic Center Sells For $104M: Report

Palo Alto CA

31 December, 2020

3:03 PM

Description

PALO ALTO, CA — A piece of prime Palo Alto real estate has been sold to a global investment group for just under $104 million, The Mercury News reports. The First Republic Center at 2100 El Camino Real was purchased by an affiliate of the investment firm KKR and Drawbridge Real Estate, the report said. The buyers paid $103.6 million for the multi-use complex, which is home to First Republic Bank's regional office and Real Produce International Market, the report said. Palo Alto-based Blox Ventures and Angelo, Gordon & Co., a New York City-based investment group, which purchased the complex in 2018 for $78.3 million, flipped the property for a profit of more than $25 million according to the report. "Blox Ventures and our joint venture capital partner, Angelo Gordon, are pleased with the sale of this property which, under the stewardship of its new owner, a global investment company, will continue to thrive as a strong component of the neighborhood," Blox Ventures CEO Jason Oberman said in a statement announcing the deal. "It has always been our goal to thoughtfully improve this asset to best serve the community and ensure the buyer shares the same commitment." Read more at The Mercury News