shopping

Palo Alto office shopping spree tops $850 million

PALO ALTO — A big Southern California real estate and investment firm has gobbled up its latest in a string of Palo Alto office property purchases, a deal that extends a buying spree in the Silicon Valley tech hub that now tops $850 million.

Alexandria Real Estate, acting through an affiliate, has bought two Palo Alto office buildings on Hillview Avenue near Arastradero Road, acquiring a site that’s in the famed Stanford Research Park.

The deal suggests investors still seek to collect commercial properties in choice and prestigious locations despite the economic uncertainties that the coronavirus has triggered.

The just-purchased buildings have a combined 77,000 square feet, according to Santa Clara County property documents and commercial real estate listing services. SAP, a tech giant, is the tenant in the two buildings.

Pasadena-based Alexandria Real Estate paid $40.5 million for the buildings, county documents filed Oct. 8 show. Alexandria bought only

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