Stanford Purchases RWC Property for $39.5 Million

Stanford University has officially purchased the last piece of the 35-acre puzzle that will become “Stanford in Redwood City”.  550 Broadway, a nearly 2.5-acre parcel last home to a data center and administrative office for Genentech, was purchased by Stanford in an off-market sale last month for $35.9 million, according to public record.  It joins 1228 Douglass Ave, and 405, 425, 475, 500-585 Broadway as addresses slated for redevelopment in Stanford’s first major campus expansion.

It is unclear at the moment what Stanford’s long term plans are for their most recently acquired piece of Redwood City real estate, but it does not look like it will factor into phase one of the Stanford in Redwood City project, which broke ground December of last year. According to a report from the Silicon Valley Business Journal, the University is currently exploring leasing out the site’s existing 68,000 square foot building on a short term basis.

Phase 1 of the Stanford in Redwood City project is projected to finish sometime in 2019. Once completed, it will feature four office buildings, a town square and park (open to the public), outdoor dining areas and plazas, a child care center, a parking garage, a glass atrium fitness center, and its own sustainable central utility plant. Some improvements to the surrounding roadways and intersections are included in phase 1 as well. Pictured below is an overview of the phase 1 layout, with the recent acquisition at 550 Broadway highlighted in blue.

StanfordRWC

There is no set timeline beyond phase 1, but when it’s all said and done Stanford’s first major campus expansion will feature 13 buildings, totaling roughly 1.5 million square feet of office, medical clinics, and R&D space.  Further, as part of the University’s development agreement with Redwood City, they have pledged $15.1 million in public benefits.

The Redwood City campus will mirror the look and feel of the Palo Alto campus, and much of the ground will be open to the public.  The University’s free shuttle service will be accessible to the public as well.

Stay tuned for updates.

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