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Alexandria affiliate buys Palo Alto, Calif., building from Stanford University

An Alexandria Real Estate Equities Inc. affiliate paid roughly $97 million to Stanford University for an office building in Palo Alto, Calif., The Mercury News reported, citing Santa Clara County property documents and estimates from Silicon Valley real estate sources.

The office building at 3160 Porter Drive in Stanford Research Park spans 97,000 square feet, according to a LoopNet listing, the publication noted, adding that it is leased to Stanford Health.

ARE San Fran No. 73 closed the deal Aug. 12.

In January, the publication also reported that the university sold the 3170 Porter Drive property within the business park to Alexandria for $100.3 million.