In a transaction that underscores the value that tenants continue to place on premier, best-in-class office properties located in prime locations, global law firm Wilson Sonsini Goodrich & Rosati has renewed its Palo Alto headquarters lease at CommonWealth Partners’ 650 Page Mill Road. The 282-partner firm, founded in Palo Alto in 1961, has called the property its home since it was constructed in 1994, leasing the entire two-story, 190,000-square-foot property for its headquarters location. With its renewed commitment, Wilson Sonsini will remain in the project through 2039.
“We are honored by the ongoing commitment by Wilson Sonsini, and for the great partnership we share as stewards for 650 Page Mill Road,” said Brett Munger, CEO and Managing Partner of CommonWealth Partners, a leading national commercial real estate developer, investor and operator. “Together we are committing to a significant investment into the property to deliver cutting-edge standards of efficiency, wellness, sustainability and vitality to support the firm’s business for decades to come.”
The LEED Gold office property is located in the Stanford Research Park in the heart of Silicon Valley with a location that gives attorneys at Wilson Sonsini unparalleled access to the region’s top technology, life sciences, and growth-stage companies as well as the thriving local venture capital and private equity firms that support them. It is just a half-mile walk from the California Avenue Caltrain station and 30-minutes away by car from both the San Francisco International Airport and the San Jose International Airport.
“Since our firm first opened for business in Palo Alto, Silicon Valley has always been an important part of our firm’s history and brand—as both Wilson Sonsini and Palo Alto have become synonymous with innovative technology and life sciences companies, and the investors that finance them,” said Doug Clark, Wilson Sonsini’s managing partner. “Our Palo Alto office has always been the base for a significant percentage of our attorneys and professional staff, and our location allows all of us to be in close proximity to the many companies, investors, and other institutions in the area that are driving the global economy. We’re looking forward to continuing to call this property our home.”
“As employers welcome their teams back to the office, we are proud to play a role in delivering the highest quality space to help them collaborate safely and with the efficiencies, technology, building systems and amenities that make the office environment so productive and positive,” said CommonWealth Partners’ Brett Munger. “There is a very clear trend toward ‘flight to quality’ in the office market, and we are committed to maintaining our properties at the very highest level of excellence, with strong attention to sustainability and wellness. We are proud that 650 Page Mill Road remains so competitive in today’s market and such a compelling choice for a firm of Wilson Sonsini’s quality.”
The law firm was represented by Eric C. Berson, Esq. of Washington Realty Group, Inc. and Howard E. Dallmar of Newmark in this transaction. CommonWealth Partners represented itself in the transaction.
CommonWealth Partners acquired the building and ground lease for 650 Page Mill Road in 2011. The firm is recognized for buying, developing and managing trophy-quality office and mixed-use properties across the United States – including a portfolio that is 100% LEED Platinum or LEED Gold certified. CommonWealth Partners’ portfolio currently totals more than $9.0 billion of premier office properties in major US markets across the country.
About CommonWealth Partners
CommonWealth Partners is a vertically integrated, privately owned, real estate investment, management, and development organization in the business of acquiring, building, managing, repositioning, leasing, and financing large-scale office assets located in major markets across the U.S. Currently CWP owns and manages over $9.0 billion of office assets located in markets across the country including Los Angeles, Silicon Valley, San Francisco, Seattle, Boston, New York, and Washington DC.
About Wilson Sonsini Goodrich & Rosati
For more than 60 years, Wilson Sonsini’s services and legal disciplines have focused on serving the principal challenges faced by the management and boards of directors of business enterprises. The firm is nationally recognized as a leading provider to growing and established clients seeking legal counsel to complete sophisticated corporate and technology transactions; manage governance and enterprise-scale matters; assist with intellectual property development, protection, and IP-driven transactions; represent them in contested disputes; and/or advise them on antitrust or other regulatory matters. With deep roots in Silicon Valley, Wilson Sonsini has offices in Austin; Beijing; Boston; Boulder; Brussels; Hong Kong; London; Los Angeles; New York; Palo Alto; Salt Lake City; San Diego; San Francisco; Seattle; Shanghai; Washington, D.C.; and Wilmington, DE. For more information, please visit www.wsgr.com.
