SILICON VALLEY, CA — Longfellow Real Estate Partners, a long-time developer in the Bull City and the force behind the “Durham Innovation District” (aka Durham.ID) is expanding its footprint on the West Coast as well.
Today, the Boston-based firm announced that it is acquiring the Palo Alto Technology Center (PATC) from KBS, which originally purchased the property in 2012 on behalf of a sovereign wealth fund.
The price tag today: $205 million.
It’s Longfellow’s fifth West Coast acquisition since late 2018 and will require “upgrades and a lab expansion.”
But it fits in line with the company’s strategy of beefing up its West Coast portfolio. Other recent acquisitions include Bayshore Technology Park and PATC in the San Francisco Bay Area, as well as the Inspire, Roselle and Sycamore campuses in San Diego.
“We’re excited to expand our presence in one of the nation’s most dynamic science and innovation clusters,” Longfellow Managing Partner Adam Sichol said in a statement.
Back on the East Coast
Longfellow, with offices in Durham and Morrisville, and is in the midst of building from ground up its own ” world-class research and business hub” in the heart of downtown Durham.
Earlier this month, WeWork opened in one of the two buildings, marking its launch. Ultimately, the plan is to build out a 15-plus-acre campus that will add 900,000 square feet of office and lab space in downtown Durham.
Organizations associated with Duke University are among the anchors at Durham.ID, demonstrating Longfellow’s ability to work closely and collaboratively with major research universities.
