"Semin Valani, a South Bay business executive, led the buying group that acquired the one-story building at 578 University Ave. for $13.3 million, according to documents filed on Nov. 18. Valani also is involved with a group that owns a building across the street at 567 University Ave. and another at 555 University Ave. The sellers in the deal were multiple individuals and family trusts, county records show."
"The 578 University building totals 9,300 square feet and is an office for a residential real estate firm, according to marketing materials circulated by Premier Properties, a commercial real estate firm. The building was bought for roughly $1,427 per square foot, county documents show, well below the high-water marks that some recent purchases of office buildings established in downtown Palo Alto."
Semin Valani led a buying group that purchased a one-story office building at 578 University Ave. in downtown Palo Alto for $13.3 million, with $9.3 million financed by Loan Oak Fund. The 9,300-square-foot building houses a residential real estate firm. The sellers were multiple individuals and family trusts. The purchase price equals roughly $1,427 per square foot, which is markedly lower than several pre-2020 downtown Palo Alto office transactions that reached between about $1,900 and $2,550 per square foot. A February 2024 San Jose office sale showed much lower pricing, about $105 per square foot.
Read at www.mercurynews.com
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