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Palo Alto, Calif., office building fetches $117.5M

CM Capital Corp., the real estate division of the Hong Kong-based Cha family, paid $117.5 million for an office building at 530 Lytton Ave. in Palo Alto, Calif., the Silicon Valley Business Journal reported, citing property records.

The price for the three-story, 54,500-square-foot property translates to about $2,156 per square foot, making it one of the city's most expensive deals in per-square-foot terms.

A limited liability company led by Law & Associates and local investment firm Blox Ventures previously bought the 1974-built, Bank of America-anchored asset in a private deal for $52.9 million, or roughly $971 per square foot.

CM Capital already owns the adjacent 169,100-square-foot building at 525 University Ave. and the underground parking extending through the entire block, the publication added.