A 1.1-million-square-foot campus in Palo Alto’s Stanford Research Park that Broadcom sold last fall is on track for a serious makeover and could reel in a major tech tenant, according to local reporting. The 13-building, 70-acre tract, formerly VMware’s headquarters and now controlled by a partnership led by Harvest Properties and TPG Real Estate, comes with campus-style buildings, cafés and fitness centers that brokers say line up well with large, contiguous leases.
Deal details
According to a press release from Newmark, the asset, marketed as The Campus at Stanford Research Park, was acquired by a partnership between Harvest Properties and TPG Real Estate and includes 13 buildings ranging from roughly 62,000 to 190,000 square feet. Newmark described the transaction as the largest property sale on a square-footage basis in Stanford Research Park history and highlighted on-site amenities that make the campus attractive for R&D and engineering users.
Price and market signal
Industry coverage pegged the sale at roughly $115 million, or about $104 per square foot, a number that stands out for a high-profile Peninsula campus and suggests buyers are baking in repositioning costs and longer lease-up timelines. SDxCentral and other trade outlets reported the $115 million estimate and noted that sellers and brokers emphasized a plan to remake a single-tenant campus for multiple occupants.
Who could move in
Stanford Research Park already hosts R&D and engineering operations for firms such as Google, Tesla and Rivian, and recent coverage points to rising interest from AI players and other well-capitalized tech companies in campus-style blocks. SFGate cataloged the park’s tenant mix, and AI upstart’s large expansion there was recently reported by Hoodline, a pattern that would make the Broadcom parcel appealing to big-tech or deep-pocketed AI tenants.
Plans to reposition
Brokers and the seller’s advisors said the deal included negotiation of a ground-lease extension and a strategy to convert the formerly single-tenant campus into multi-tenant space, with upgrades and tenant-improvement budgets expected to follow. Trade coverage summarized Newmark’s comment that the transaction would support “large-scale repositioning” to accommodate a lease-up under the new ownership. ConnectCRE reported the remark along with details on the buyer partnership.
What to watch next
Local effects could be significant: a major tech lease would likely bring more commuting, added pressure on housing and fresh traffic for nearby services. The San Francisco Business Times flagged the possibility of a big-tech tenant at the site in coverage published on March 20, 2026, and leasing announcements over the coming months will determine whether the new owners can turn a low headline price into a faster-than-expected reposition. San Francisco Business Times highlighted that potential and noted the market attention swirling around the parcel.
