University Circle | Palo Alto, CA
This mixed-use development on 12.5 acres consists of three 6-story office buildings totaling 465,000 square feet with 15,000 square feet of retail, a Four Seasons Hotel, and a 1,820 vehicle parking podium. More than 150 homes, 40-plus businesses, and 12 non-profit organizations were relocated or acquired in order to commence development of the project. The project was delivered at the outset of the dot-com downturn and one full building tenant, a high-profile bay area law firm, went bankrupt. From this point, srmErnst directly took over leasing responsibilities, making nearly every deal in the market. The $220 million project was sold for a then record price of $665 per square foot in 2005.