Sand Hill Road is the premier address in the country for the venture capital business and a office complex off of Sand Hill Road just sold for 1,000 dollars a square foot. This is a record for the San Francisco Bay Area region and one of the top sales ever in the country by square footage. Amazing.

An office complex on Menlo Park’s legendary Sand Hill Road is selling for an unprecedented $1,000 a square foot, a price that shatters previous sales records for office buildings in the Bay Area.

ING Clarion is slated to close June 30th on a $133 million acquisition of 2882-2884 Sand Hill Road, a 133,000-square-foot campus on 12 lush acres. This is the first property in 20 years to sell on Sand Hill Road, an address as prestigious as it gets in the realm of private equity and venture capital.

The seller was Sand Hill Commons Investors, an investment group managed by Menlo Park developer and property owner Bob Courson.

The transaction easily topples two recent record-setting transactions in San Francisco: the Irvine Co.’s pending acquisition of 560 Mission St., reported to top $700 a square foot, and Tishman Speyer’s $600-a-square-foot acquisition last fall of the Gap building in Mission Bay. It also nearly equals the recent high watermark for prime New York office building sales, Istithmar’s $1,018-a-square-foot purchase of 280 Park Ave. from Boston Capital Partners, according to Robert Sammons, director of research at Colliers ABR in New York.

San Francisco Business Times:.

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