San Francisco Developer Secures Federal Silicon Valley Land
Details of the Landmark Acquisition A significant milestone occurred as Presidio Bay Ventures secured a major acquisition. They purchased a 17 to 18-acre former federal campus in Menlo Park, Silicon Valley, for $137 million. This site was once a hub for the U.S. Geological Survey. It features 17 buildings, mainly housing labs and offices. The strategic location of Menlo Park echoes the initiatives of other major development projects aiming to address housing shortages in the Bay Area. The U.S. General Services Administration facilitated the acquisition process. It involved a sealed auction where Presidio Bay's offer surpassed two others. This notably outdid a $120 million bid. The acquisition is now pending a Department of Justice antitrust review. This review is anticipated to conclude within 90 days from the announcement. Strategically located at 345 Middlefield Road, this asset is near major tech giants. Its potential within Menlo Park’s vibrant market is highlighted amid growi...