Four Corners Properties has sold its office building at 1540 El Camino Real in Menlo Park for $103.7 million, according to a report from the Silicon Valley Business Journal. The sale price amounts to roughly $2,272 per square foot for the 46,000-square-foot property. The buyer was not named.
CBRE’s Joseph Moriarty represented Four Corners in the transaction, while Ryan King and Justin Hale of King Realty acted on behalf of the buyer. The property houses tenants such as law firm Sheppard Mullin and investment firm Glynn Capital.
Four Corners acquired the building in 2022 for $23 million, making this sale more than a 350 percent increase over their purchase price. Bruce Burkard, founder of Four Corners Properties, told the Business Journal that selling the property was part of an effort to reduce financial risk across its holdings.
The company also sold another property at 298 South Sunnyvale Avenue in downtown Sunnyvale last year for $11.5 million and restructured financing on two other properties. Details about those properties or any associated financial challenges were not provided.
Despite these sales, Four Corners continues to expand its portfolio with recent acquisitions such as Quantum Tech Park in San Jose and is currently bidding on additional sites.
The Menlo Park transaction follows other notable Peninsula office deals in recent months. DivcoWest purchased 1991 Broadway in Redwood City for about $32 million earlier this month, while New York Life Insurance and Bridgeton Holdings acquired 260 Sheridan Avenue in Palo Alto for $32 million last November.
Recent data cited by CBRE shows that San Mateo County has experienced rising office vacancy rates as more companies vacate spaces. In the fourth quarter, empty offices rose to 23.8 percent with rentable space availability dropping to 26 percent; overall vacancy reached 18.6 percent compared to Silicon Valley’s rate of 16 percent.
“Four Corners offloaded the property to eliminate some financial risks among its holdings,” said Bruce Burkard as reported by the Business Journal.
