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Alexandria Real Estate buys Palo Alto, Calif., office building for $100M

Alexandria Real Estate Equities Inc. paid $100.3 million to acquire a 100,000-square-foot office building in Palo Alto, Calif., from Stanford University, The Mercury News reported, citing Santa Clara County property records.

The deal with the Pasadena, Calif.-based office real estate investment trust is subject to a ground lease, according to the publication, which quoted Ernest Miranda, a spokesman for the seller.

Jazz Pharmaceuticals PLC is the only tenant in the two-story office and research building at 3170 Porter Drive, located within the 700-acre Stanford Research Park, the Jan. 16 report added.

Alexandria Real Estate did not respond to requests for comment about its acquisition, which closed through an affiliate Jan. 9, according to the publication.