Graymark Capital has acquired an unused Palo Alto site and “will be making a multi-million dollar capital investment” to reposition it to accommodate life sciences-focused organizations “with a flexible design to equally accommodate emerging sectors such as automotive tech, food tech and/or robotics/Artificial Intelligence.”
The two-building, 24,000 sq. ft. complex at 3960 Fabian Way was purchased for an undisclosed price, broker Cushman & Wakefield said in a Jan. 6 statement.
“Graymark’s plans for this strategic location come at the right time and will fulfill a critical need for market -ready and flexible lab space deliverable very soon. Demand is now a four-legged table and Graymark will meet that demand,” said Ben Paul, Cushman & Wakefield’s executive managing director and managing principal. “The Life Sciences industry is performing well overall, with this submarket also displaying increased demand particularly from auto tech, food tech and AI companies. Furthermore, most of the significant leasing activity we have tracked in our region this year has stemmed from the Life Sciences sector.”
“Palo Alto and the surrounding Peninsula area have been a hot bed for Life Sciences activity, with the three largest such Bay Area deals in 2020 all located within just a few miles of this subject property,” added Vice Chairman Kalil Jenab. “The Fabian buildings reside within this vigorous cluster of highly influential global tech and life sciences users and world class developers accelerating the improvement in this submarket.”