Broadcom Sells Former VMware Campus at Stanford Research Park
Newmark has successfully represented Broadcom in the sale of The Campus at Stanford Research Park, a 1.1-million-square-foot office and research and development campus located in Palo Alto. Situated across 70 acres, the landmark property was acquired by a partnership between Harvest Properties and TPG Real Estate. The transaction is noted as the largest property sale by square footage in the history of the prestigious Stanford Research Park.
While the official purchase price was not disclosed, reports from the San Francisco Business Times estimate the deal at $115 million, translating to approximately $104 per square foot.
The Newmark team representing Broadcom included Steven Golubchik, executive vice chairman and president of Western Region Capital Markets; Edmund Najera, vice chairman; Darren Hollak, managing director; and Brendan Raney, associate director. The sale was conducted in collaboration with Stanford University, as Broadcom inherited ownership of the campus following its acquisition of VMware, which previously owned and was headquartered at the site.
“The Newmark team is proud to support the continued success of The Campus at Stanford Research Park through this transaction, managing the negotiation of a ground lease extension and the large-scale repositioning of a single-tenant campus to accommodate a multi-tenant lease-up,” said Golubchik. “We are thrilled to deliver a fantastic execution for Broadcom and Stanford and know the Harvest and TPG Real Estate teams will continue to invest in the campus for the benefit of tenants and the broader Stanford and Silicon Valley communities.”
This transaction marks a significant milestone for the region’s commercial real estate market and highlights the ongoing transformation of office properties to meet evolving tenant needs.
