Broadcom’s Hock Tan and an aerial of the Stanford Research Park Campus (Getty; Todd Quam at Digital Sky Photography)
Broadcom is selling 13 buildings it recently acquired on nearly 70 acres at Stanford Research Park in Palo Alto.
Broadcom got the property as part of its $69 billion acquisition of VMWare and will continue to own and occupy 600,000 square feet of office space on the premises.
CBRE’s Silicon Valley Capital Markets team will market the unused portion of the semiconductor giant’s campus in Palo Alto, dubbed Campus HQ at Stanford Research Park. The brokerage’s Kyle Kovac, Mike Taquino, Joe Moriarty, Giancarlo Sangiacomo and Kati Thabit are representing Broadcom. They declined to comment on the asking price or the likely buyer pool for the property.
Two buildings are rented to Toyota, which has a lease through 2027 on 155,000 square feet of R&D space. The other 11 buildings will be delivered vacant “offering a prime owner/user opportunity, or the opportunity for an investor to tap into the most innovative talent pool across the globe and fully lease-up the campus,” according to a press release on the offering.
The campus includes 1 million square feet of R&D space, as well as indoor and outdoor collaboration areas, two full-building cafeterias, two fitness centers with showers and lockers and three parking garages.
The property represents about 10 percent of the larger Stanford Research Park, which has about 700 acres and 10 million square feet of R&D and office space.
In 2021, Alexandria Real Estate Equities expanded its ownership in the park, paying $446 million for 3301-3307 Hillview Avenue and $203.8 million for 3440 and 3420 Hillview. 3301-3307 is currently vacant, according to marketing materials from Colliers, which is leasing the nearly 300,000-square-foot complex.
In November, Broadcom relocated its headquarters from San Jose to 3401 Hillview Avenue in conjunction with the VMWare deal. The company also instituted an across-the-board back to work policy, a culture shock for new employees used to VMWare’s flex work strategy.